The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Tirupati Commercials, an operational creditor, against Nayek Paper Industries Limited, the corporate debtor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to outstanding dues. A demand notice was issued to the corporate debtor, but no response or dispute was raised. A Memorandum of Settlement (MOS) was signed, but the corporate debtor failed to fulfill its terms. The operational creditor then filed a Restoration Application to revive the Corporate Petition.
Tirupati Commercials, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Nayek Paper Industries Limited, the corporate debtor, due to outstanding dues of Rs. 80,18,014/-, including principal and interest. The principal debt of Rs. 76,36,204/- was due from 18.07.2018, with interest calculated at 24% per annum until 03.10.2018. A demand notice was issued on October 3, 2018, under Section 8 of the IBC, but the corporate debtor did not respond or dispute the claim. A Memorandum of Settlement (MOS) was signed on February 14, 2022, requiring the corporate debtor to pay Rs. 60,00,000/- within six months, but only Rs. 20,00,000/- was paid. The operational creditor filed a Restoration Application to revive the
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Invoices for wastepaper…
Principal Debt due is…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Tirupati Commercials, an operational creditor, against Nayek Paper Industries Limited, the corporate debtor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to outstanding dues. A demand notice was issued to the corporate debtor, but no response or dispute was raised. A Memorandum of Settlement (MOS) was signed, but the corporate debtor failed to fulfill its terms. The operational creditor then filed a Restoration Application to revive the Corporate Petition.
Tirupati Commercials, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Nayek Paper Industries Limited, the corporate debtor, due to outstanding dues of Rs. 80,18,014/-, including principal and interest. The principal debt of Rs. 76,36,204/- was due from 18.07.2018, with interest calculated at 24% per annum until 03.10.2018. A demand notice was issued on October 3, 2018, under Section 8 of the IBC, but the corporate debtor did not respond or dispute the claim. A Memorandum of Settlement (MOS) was signed on February 14, 2022, requiring the corporate debtor to pay Rs. 60,00,000/- within six months, but only Rs. 20,00,000/- was paid. The operational creditor filed a Restoration Application to revive the
…Invoices for wastepaper…
Principal Debt due is…