Cherumadathil Sales Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Nandanam Tiles and Sanitaries Private Limited, the corporate debtor, due to an alleged default in repayment of an operational debt. The operational creditor claimed that the corporate debtor owed ₹1,09,84,984/-. The corporate debtor acknowledged the debt but cited financial constraints and the adverse impact of the market due to COVID-related issues as reasons for the default. The operational creditor argued that the debt exceeded ₹1 crore and the date of default was 31.03.2023, making the petition within the limitation period. A settlement agreement was reached
…Cherumadathil Sales Corporation (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Nandanam Tiles and Sanitaries Private Limited (Corporate Debtor). The Operational Creditor claimed a debt of ₹1,09,84,984/-. The Corporate Debtor is a private company incorporated in 2016, engaged in the business of tiles and sanitary wares. The Operational Creditor supplied sanitary wares to the Corporate Debtor, with an outstanding amount of ₹86,51,843/- as of 31.03.2021. Despite efforts, the Corporate Debtor failed to make payments. A settlement agreement was signed on 26.06.2023, acknowledging the debt with a 9% interest rate from 31.03.2020. The Corporate Debtor defaulted on the agreed payment schedule, with the first installment
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Nandanam Tiles and…
The outstanding amount owed by the Corporate…
Cherumadathil Sales Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Nandanam Tiles and Sanitaries Private Limited, the corporate debtor, due to an alleged default in repayment of an operational debt. The operational creditor claimed that the corporate debtor owed ₹1,09,84,984/-. The corporate debtor acknowledged the debt but cited financial constraints and the adverse impact of the market due to COVID-related issues as reasons for the default. The operational creditor argued that the debt exceeded ₹1 crore and the date of default was 31.03.2023, making the petition within the limitation period. A settlement agreement was reached
…Cherumadathil Sales Corporation (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Nandanam Tiles and Sanitaries Private Limited (Corporate Debtor). The Operational Creditor claimed a debt of ₹1,09,84,984/-. The Corporate Debtor is a private company incorporated in 2016, engaged in the business of tiles and sanitary wares. The Operational Creditor supplied sanitary wares to the Corporate Debtor, with an outstanding amount of ₹86,51,843/- as of 31.03.2021. Despite efforts, the Corporate Debtor failed to make payments. A settlement agreement was signed on 26.06.2023, acknowledging the debt with a 9% interest rate from 31.03.2020. The Corporate Debtor defaulted on the agreed payment schedule, with the first installment
…Nandanam Tiles and…
The outstanding amount owed by the Corporate…