The case originates from a Company Petition (CP (IB) No. 3394/MB/C-VI/2019) filed on 19.09.2019 by Wintry Engineering and Chemicals Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Rushabh Lifestyle Private Limited (Corporate Debtor) due to an unpaid operational debt.
Wintry Engineering and Chemicals Private Limited (Operational Creditor - OC) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Rushabh Lifestyle Private Limited (Corporate Debtor - CD). The OC claimed a default amount of Rs. 37,75,360/-, comprising a principal amount of Rs. 30,94,697/- and interest of Rs. 6,80,663/-, based on an arbitral award dated 06.04.2018. The date of default was 21.04.2018, after the expiry of the fifteen-day payment period stipulated in the arbitral award. The OC had served a demand notice under Section 8 of the IBC on 27.06.2019, which the CD failed to respond to. The CD remained absent throughout the arbitration proceedings and before the NCLT,
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Operational Creditor (OC) initiated arbitration…
The Arbitral Tribunal passed an award in favor…
The case originates from a Company Petition (CP (IB) No. 3394/MB/C-VI/2019) filed on 19.09.2019 by Wintry Engineering and Chemicals Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Rushabh Lifestyle Private Limited (Corporate Debtor) due to an unpaid operational debt.
Wintry Engineering and Chemicals Private Limited (Operational Creditor - OC) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Rushabh Lifestyle Private Limited (Corporate Debtor - CD). The OC claimed a default amount of Rs. 37,75,360/-, comprising a principal amount of Rs. 30,94,697/- and interest of Rs. 6,80,663/-, based on an arbitral award dated 06.04.2018. The date of default was 21.04.2018, after the expiry of the fifteen-day payment period stipulated in the arbitral award. The OC had served a demand notice under Section 8 of the IBC on 27.06.2019, which the CD failed to respond to. The CD remained absent throughout the arbitration proceedings and before the NCLT,
…Operational Creditor (OC) initiated arbitration…
The Arbitral Tribunal passed an award in favor…