The case involves an application filed by Elastochemie Impex Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Meheev Industries Private Limited (Corporate Debtor) for an outstanding amount of Rs. 1,59,60,296. The debt includes a principal amount of Rs. 63,40,998 and interest of Rs. 96,19,298 calculated at 24% p.a. up to March 15, 2020. The date of default was mentioned as March 21, 2017, and the petition was filed on March 20, 2020. The Corporate Debtor had been placing requisitions for synthetic rubber products, and the Operational Creditor supplied the required quantity, raising invoices with a 24% p.a. interest provision for overdue payments.
…Elastochemie Impex Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Meheev Industries Private Limited (Corporate Debtor). The claim was for Rs. 1,59,60,296, including a principal of Rs. 63,40,998 and interest of Rs. 96,19,298 calculated at 24% p.a. up to March 15, 2020. The date of default was March 21, 2017, and the petition was filed on March 20, 2020. The Corporate Debtor procured synthetic rubber products from the Operational Creditor, who raised invoices with a 24% p.a. interest provision for overdue payments. The Corporate Debtor issued 32 post-dated cheques to the Operational Creditor, with some being honored and others dishonored. The Operational Creditor issued demand
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The case involves an application filed by Elastochemie Impex Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Meheev Industries Private Limited (Corporate Debtor) for an outstanding amount of Rs. 1,59,60,296. The debt includes a principal amount of Rs. 63,40,998 and interest of Rs. 96,19,298 calculated at 24% p.a. up to March 15, 2020. The date of default was mentioned as March 21, 2017, and the petition was filed on March 20, 2020. The Corporate Debtor had been placing requisitions for synthetic rubber products, and the Operational Creditor supplied the required quantity, raising invoices with a 24% p.a. interest provision for overdue payments.
…Elastochemie Impex Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Meheev Industries Private Limited (Corporate Debtor). The claim was for Rs. 1,59,60,296, including a principal of Rs. 63,40,998 and interest of Rs. 96,19,298 calculated at 24% p.a. up to March 15, 2020. The date of default was March 21, 2017, and the petition was filed on March 20, 2020. The Corporate Debtor procured synthetic rubber products from the Operational Creditor, who raised invoices with a 24% p.a. interest provision for overdue payments. The Corporate Debtor issued 32 post-dated cheques to the Operational Creditor, with some being honored and others dishonored. The Operational Creditor issued demand
…The date of default as…
The Operational…
Sign in to view related legal provisions.