The case involves an application filed by M/s. Pathy Enterprises, an operational creditor, against M/s. Ohm Srinivasa Paper Boards Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The application was based on an alleged operational debt of Rs. 1,23,29,308/-, comprising principal and interest. The corporate debtor contested the application, arguing that payments had been made, reducing the debt below the threshold for initiating CIRP, and that the nature of the debt had changed due to a Memorandum of Understanding (MoU)
…M/s. Pathy Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ohm Srinivasa Paper Boards Private Limited, a corporate debtor. The operational creditor claimed an operational debt of Rs. 1,23,29,308/-, including principal and interest. The last invoice date was 03.02.2020. The corporate debtor argued that payments made after a Memorandum of Understanding (MoU) dated 28.12.2019 reduced the debt below the statutory threshold of Rs. 1,00,00,000/-. The corporate debtor also contended that the nature of the debt had changed to a non-recourse basis due to the MoU. The operational creditor supplied raw materials to the corporate debtor from 01.06.2018. The parties entered into an MoU on
…Sign in to view the parties.
M/s. Ohm Srinivasa Paper Boards Private…
M/s. Pathy Enterprises…
The case involves an application filed by M/s. Pathy Enterprises, an operational creditor, against M/s. Ohm Srinivasa Paper Boards Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The application was based on an alleged operational debt of Rs. 1,23,29,308/-, comprising principal and interest. The corporate debtor contested the application, arguing that payments had been made, reducing the debt below the threshold for initiating CIRP, and that the nature of the debt had changed due to a Memorandum of Understanding (MoU)
…M/s. Pathy Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ohm Srinivasa Paper Boards Private Limited, a corporate debtor. The operational creditor claimed an operational debt of Rs. 1,23,29,308/-, including principal and interest. The last invoice date was 03.02.2020. The corporate debtor argued that payments made after a Memorandum of Understanding (MoU) dated 28.12.2019 reduced the debt below the statutory threshold of Rs. 1,00,00,000/-. The corporate debtor also contended that the nature of the debt had changed to a non-recourse basis due to the MoU. The operational creditor supplied raw materials to the corporate debtor from 01.06.2018. The parties entered into an MoU on
…M/s. Ohm Srinivasa Paper Boards Private…
M/s. Pathy Enterprises…