The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Raghubir Saran and Sons, an operational creditor, against M/s. Shellz India Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor contested the application, citing a pre-existing dispute regarding the quality of goods and a pending commercial suit.
M/s. Raghubir Saran and Sons (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shellz India Private Limited (Corporate Debtor) for defaulting on payments. The Operational Creditor claimed to be a supplier of high-quality products to the Corporate Debtor since 1977. Between 2020-11-20 and 2021-09-06, the Operational Creditor raised invoices to the Corporate Debtor, who defaulted on payments. The Corporate Debtor issued 12 cheques amounting to Rs. 54,09,582/-, which were dishonored. The Operational Creditor filed a complaint under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor made a part payment of Rs. 21,87,349/-. The
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Operational Creditor…
Operational Creditor…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Raghubir Saran and Sons, an operational creditor, against M/s. Shellz India Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor contested the application, citing a pre-existing dispute regarding the quality of goods and a pending commercial suit.
M/s. Raghubir Saran and Sons (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shellz India Private Limited (Corporate Debtor) for defaulting on payments. The Operational Creditor claimed to be a supplier of high-quality products to the Corporate Debtor since 1977. Between 2020-11-20 and 2021-09-06, the Operational Creditor raised invoices to the Corporate Debtor, who defaulted on payments. The Corporate Debtor issued 12 cheques amounting to Rs. 54,09,582/-, which were dishonored. The Operational Creditor filed a complaint under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor made a part payment of Rs. 21,87,349/-. The
…Operational Creditor…
Operational Creditor…