Cima Paper S.P.A., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Palak Paper Mill LLP, the corporate debtor, for outstanding dues of Rs. 1,05,54,638.61/-, including interest. The applicant claimed to have supplied wastepaper to the corporate debtor based on purchase orders placed in 2019. The corporate debtor denied the allegations, claiming pre-existing disputes, discrepancies in demand notices, and questioning the authenticity of documents submitted by the applicant. The corporate debtor also contended that the application was barred by limitation and that the claim amount was below the threshold limit.
Cima Paper S.P.A. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Palak Paper Mill LLP (Corporate Debtor) for outstanding dues of Rs. 1,05,54,638.61, including interest. Cima Paper claimed to have supplied wastepaper to Palak Paper Mill based on purchase orders from 2019, with the agreement that goods were to be supplied till Mundra port. Invoices were raised totaling $1,28,699.41 (equivalent to Rs. 89,44,608.99). The applicant issued demand notices on 31.12.2020, 02.01.2021, and 31.08.2021. Palak Paper Mill denied the allegations, claiming pre-existing disputes, questioning the authenticity of documents, and stating the application was barred by limitation. They also alleged the applicant fabricated
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The Insolven…
Palak Paper Mill LLP was…
Cima Paper S.P.A., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Palak Paper Mill LLP, the corporate debtor, for outstanding dues of Rs. 1,05,54,638.61/-, including interest. The applicant claimed to have supplied wastepaper to the corporate debtor based on purchase orders placed in 2019. The corporate debtor denied the allegations, claiming pre-existing disputes, discrepancies in demand notices, and questioning the authenticity of documents submitted by the applicant. The corporate debtor also contended that the application was barred by limitation and that the claim amount was below the threshold limit.
Cima Paper S.P.A. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Palak Paper Mill LLP (Corporate Debtor) for outstanding dues of Rs. 1,05,54,638.61, including interest. Cima Paper claimed to have supplied wastepaper to Palak Paper Mill based on purchase orders from 2019, with the agreement that goods were to be supplied till Mundra port. Invoices were raised totaling $1,28,699.41 (equivalent to Rs. 89,44,608.99). The applicant issued demand notices on 31.12.2020, 02.01.2021, and 31.08.2021. Palak Paper Mill denied the allegations, claiming pre-existing disputes, questioning the authenticity of documents, and stating the application was barred by limitation. They also alleged the applicant fabricated
…The Insolven…
Palak Paper Mill LLP was…