M/s. Sun Printers, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Omics International Pvt Ltd, the corporate debtor. The operational creditor claimed a total debt of Rs. 1,05,37,712/-, including a principal amount of Rs. 68,96,128/- and interest of Rs. 36,41,582/- calculated at 24% per annum, based on invoices raised since 18.02.2019. The corporate debtor contested the claim, alleging a pre-existing dispute, denying the applicability of the claimed interest rate, and asserting that the operational creditor actually owed money to the corporate debtor. The corporate debtor also filed a police complaint alleging forgery of
…M/s. Sun Printers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Omics International Pvt Ltd (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 1,05,37,712/-, including Rs. 68,96,128/- as principal and Rs. 36,41,582/- as interest at 24% per annum from 18.02.2019. The debt allegedly arose from the supply of print material. The Corporate Debtor disputed the debt, claiming a pre-existing dispute and that the Operational Creditor actually owed money to them. The Corporate Debtor contended that the Operational Creditor had earlier claimed interest at 18% in a legal notice dated 04.09.2021. The Corporate Debtor also alleged that purchase orders mentioning the 24% interest
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M/s. Sun Printers, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Omics International Pvt Ltd, the corporate debtor. The operational creditor claimed a total debt of Rs. 1,05,37,712/-, including a principal amount of Rs. 68,96,128/- and interest of Rs. 36,41,582/- calculated at 24% per annum, based on invoices raised since 18.02.2019. The corporate debtor contested the claim, alleging a pre-existing dispute, denying the applicability of the claimed interest rate, and asserting that the operational creditor actually owed money to the corporate debtor. The corporate debtor also filed a police complaint alleging forgery of
…M/s. Sun Printers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Omics International Pvt Ltd (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 1,05,37,712/-, including Rs. 68,96,128/- as principal and Rs. 36,41,582/- as interest at 24% per annum from 18.02.2019. The debt allegedly arose from the supply of print material. The Corporate Debtor disputed the debt, claiming a pre-existing dispute and that the Operational Creditor actually owed money to them. The Corporate Debtor contended that the Operational Creditor had earlier claimed interest at 18% in a legal notice dated 04.09.2021. The Corporate Debtor also alleged that purchase orders mentioning the 24% interest
…The Insolvency and…
Various invoice…
Sign in to view related legal provisions.