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 an outstanding amount of Rs. 1,05,54,638.61, which included interest. The applicant claimed to have supplied wastepaper to the respondent based on purchase orders placed by the respondent. The corporate debtor denied the allegations, claiming pre-existing issues, discrepancies in demand notices, and fabrication of documents. The corporate debtor also argued that the application was barred by limitation and that the claim was below the threshold limit under Section 4 of the IBC.
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 an outstanding amount of Rs. 1,05,54,638.61, including interest. Cima Paper claimed to have supplied wastepaper to Palak Paper Mill based on purchase orders. The total obligation of contribution is Rs. 6,00,00,000. Cima Paper issued demand notices on 31.12.2020, 02.01.2021, and 31.08.2021. Palak Paper Mill denied the allegations, claiming pre-existing issues, discrepancies in demand notices, and fabrication of documents. Palak Paper Mill argued that the application was barred by limitation and that the claim was below the threshold limit under Section 4 of the IBC. Palak Paper Mill claimed that the
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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 an outstanding amount of Rs. 1,05,54,638.61, which included interest. The applicant claimed to have supplied wastepaper to the respondent based on purchase orders placed by the respondent. The corporate debtor denied the allegations, claiming pre-existing issues, discrepancies in demand notices, and fabrication of documents. The corporate debtor also argued that the application was barred by limitation and that the claim was below the threshold limit under Section 4 of the IBC.
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 an outstanding amount of Rs. 1,05,54,638.61, including interest. Cima Paper claimed to have supplied wastepaper to Palak Paper Mill based on purchase orders. The total obligation of contribution is Rs. 6,00,00,000. Cima Paper issued demand notices on 31.12.2020, 02.01.2021, and 31.08.2021. Palak Paper Mill denied the allegations, claiming pre-existing issues, discrepancies in demand notices, and fabrication of documents. Palak Paper Mill argued that the application was barred by limitation and that the claim was below the threshold limit under Section 4 of the IBC. Palak Paper Mill claimed that the
…The Insolven…
Palak Paper Mill LLP was…