Maheshwari Fuelchem Private Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) on 16.02.2024, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against New Bombay Paper Mills Private Limited, the Corporate Debtor (CD), for an alleged default of Rs.3,02,31,477/-, in addition to interest @15% p.a. accruing w.e.f. 08.08.2023. The OC filed an Additional Affidavit dated 29.01.2025, clarifying that the date of default is to be taken as 10.07.2023, instead of 08.08.2023.
Maheshwari Fuelchem Private Limited (Operational Creditor) filed an application under Section 9 of the IBC against New Bombay Paper Mills Private Limited (Corporate Debtor) for a default of Rs. 3,02,31,477/- plus interest. The OC and CD had a long-standing arrangement for the sale and purchase of coal between 01.04.2023 and 08.07.2023. The CD's ledger showed a purchase of coal worth Rs. 5,00,81,997/- from the OC. The OC sent reminders for payment between August and September 2023. The CD admitted its liability and default on 26.03.2025. The date of default was initially mentioned as 08.08.2023 but was later clarified as 10.07.2023 by the OC.
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The Operational Creditor (OC) and Corporate…
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Maheshwari Fuelchem Private Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) on 16.02.2024, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against New Bombay Paper Mills Private Limited, the Corporate Debtor (CD), for an alleged default of Rs.3,02,31,477/-, in addition to interest @15% p.a. accruing w.e.f. 08.08.2023. The OC filed an Additional Affidavit dated 29.01.2025, clarifying that the date of default is to be taken as 10.07.2023, instead of 08.08.2023.
Maheshwari Fuelchem Private Limited (Operational Creditor) filed an application under Section 9 of the IBC against New Bombay Paper Mills Private Limited (Corporate Debtor) for a default of Rs. 3,02,31,477/- plus interest. The OC and CD had a long-standing arrangement for the sale and purchase of coal between 01.04.2023 and 08.07.2023. The CD's ledger showed a purchase of coal worth Rs. 5,00,81,997/- from the OC. The OC sent reminders for payment between August and September 2023. The CD admitted its liability and default on 26.03.2025. The date of default was initially mentioned as 08.08.2023 but was later clarified as 10.07.2023 by the OC.
The Operational Creditor (OC) and Corporate…
The period for the sale…