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 corporate debtor contested the application, arguing that the debt fell below the threshold required for initiating CIRP and that the nature of the debt had changed due to a Memorandum of Understanding (MoU) between the parties.
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 a total debt of Rs. 1,23,29,308/-, including a principal debt of Rs. 1,01,02,625/- and interest of Rs. 22,26,683/-. The last invoice date was 03.02.2020. The operational creditor supplied raw materials to the corporate debtor from 01.06.2018. A Memorandum of Understanding (MoU) dated 28.12.2019 was entered into between the parties, wherein the corporate debtor acknowledged a liability of Rs. 71,00,000/- and sought additional supply of raw material worth Rs. 30,40,000/-. Another MoU dated 10.09.2020 modified the repayment terms. The
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M/s. Ohm Srinivasa Paper Boards Private…
M/s. Pathy Enterprises started supplying raw…
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 corporate debtor contested the application, arguing that the debt fell below the threshold required for initiating CIRP and that the nature of the debt had changed due to a Memorandum of Understanding (MoU) between the parties.
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 a total debt of Rs. 1,23,29,308/-, including a principal debt of Rs. 1,01,02,625/- and interest of Rs. 22,26,683/-. The last invoice date was 03.02.2020. The operational creditor supplied raw materials to the corporate debtor from 01.06.2018. A Memorandum of Understanding (MoU) dated 28.12.2019 was entered into between the parties, wherein the corporate debtor acknowledged a liability of Rs. 71,00,000/- and sought additional supply of raw material worth Rs. 30,40,000/-. Another MoU dated 10.09.2020 modified the repayment terms. The
…M/s. Ohm Srinivasa Paper Boards Private…
M/s. Pathy Enterprises started supplying raw…