The case involves an application filed by Dayaram G. Teli, proprietor of Jagdishwar Trading Company (Operational Creditor), against Manglam Paper Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) due to a defaulted payment of Rs. 50,60,964/-. The Operational Creditor supplied waste paper to the Corporate Debtor between 04.06.2019 and 29.07.2019, for which invoices were raised. The Corporate Debtor made partial payments and issued a debit note, but a significant balance remained outstanding. A demand notice was issued, and the Corporate Debtor belatedly replied, neither acknowledging the debt nor disclosing any dispute. Initially, a withdrawal pursis was filed
…Dayaram G. Teli, proprietor of Jagdishwar Trading Company, filed an application against Manglam Paper Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. Jagdishwar Trading Company supplied waste paper to Manglam Paper Private Limited between 04.06.2019 and 29.07.2019, amounting to Rs. 53,20,267/-. Tax invoices were raised for these supplies. Manglam Paper Private Limited made partial payments totaling Rs. 2,20,316/- and issued a debit note of Rs. 38,987/-, leaving an outstanding balance of Rs. 50,60,964/-. A demand notice was issued on 11.12.2019, which was belatedly replied to by Manglam Paper Private Limited on 23.01.2020, without acknowledging the debt or disclosing any dispute. A settlement agreement was executed on 07.06.2022, where
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Dayaram G. Teli filed…
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The case involves an application filed by Dayaram G. Teli, proprietor of Jagdishwar Trading Company (Operational Creditor), against Manglam Paper Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) due to a defaulted payment of Rs. 50,60,964/-. The Operational Creditor supplied waste paper to the Corporate Debtor between 04.06.2019 and 29.07.2019, for which invoices were raised. The Corporate Debtor made partial payments and issued a debit note, but a significant balance remained outstanding. A demand notice was issued, and the Corporate Debtor belatedly replied, neither acknowledging the debt nor disclosing any dispute. Initially, a withdrawal pursis was filed
…Dayaram G. Teli, proprietor of Jagdishwar Trading Company, filed an application against Manglam Paper Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. Jagdishwar Trading Company supplied waste paper to Manglam Paper Private Limited between 04.06.2019 and 29.07.2019, amounting to Rs. 53,20,267/-. Tax invoices were raised for these supplies. Manglam Paper Private Limited made partial payments totaling Rs. 2,20,316/- and issued a debit note of Rs. 38,987/-, leaving an outstanding balance of Rs. 50,60,964/-. A demand notice was issued on 11.12.2019, which was belatedly replied to by Manglam Paper Private Limited on 23.01.2020, without acknowledging the debt or disclosing any dispute. A settlement agreement was executed on 07.06.2022, where
…Dayaram G. Teli filed…
Start date of the…