The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Jainco Industries (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shree Ambika Impex Ltd. (Corporate Debtor). The Operational Creditor claims that the Corporate Debtor defaulted on payments amounting to Rs. 1,61,32,532/- for goods supplied between 26.11.2020 and 25.05.2021. The Corporate Debtor contested the application, alleging a pre-existing dispute regarding the origin of the goods.
M/s Jainco Industries, an 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 Shree Ambika Impex Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments amounting to Rs. 1,61,32,532/- for goods supplied between 26.11.2020 and 25.05.2021. The corporate debtor approached the applicant for the supply of goods. The operational creditor raised various invoices for the goods supplied to the corporate debtor. Despite reminders, the corporate debtor failed to make payments for the goods supplied, amounting to Rs. 1,41,51,336/- plus interest at 24% (i.e., Rs. 19,81,196/-). The corporate debtor sent a
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The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Jainco Industries (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shree Ambika Impex Ltd. (Corporate Debtor). The Operational Creditor claims that the Corporate Debtor defaulted on payments amounting to Rs. 1,61,32,532/- for goods supplied between 26.11.2020 and 25.05.2021. The Corporate Debtor contested the application, alleging a pre-existing dispute regarding the origin of the goods.
M/s Jainco Industries, an 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 Shree Ambika Impex Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments amounting to Rs. 1,61,32,532/- for goods supplied between 26.11.2020 and 25.05.2021. The corporate debtor approached the applicant for the supply of goods. The operational creditor raised various invoices for the goods supplied to the corporate debtor. Despite reminders, the corporate debtor failed to make payments for the goods supplied, amounting to Rs. 1,41,51,336/- plus interest at 24% (i.e., Rs. 19,81,196/-). The corporate debtor sent a
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