The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Agrawal Fuel Corporation Pvt. Ltd. (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Rama Newsprint Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in paying an operational debt of Rs. 2,55,26,222/-. The date of default was stated as 31.10.2020. The Corporate Debtor argued that the application was not maintainable because it was solely based on a settlement agreement/MoU and that the invoices were beyond the period of limitation.
Agarwal Transport Corporation Pvt. Ltd. provided transport services to Shree Rama Newsprint Ltd. (Corporate Debtor) between 31.05.2015 and 28.02.2018 and raised invoices. On 19.03.2020, the National Company Law Tribunal Bench at Ahmedabad sanctioned a scheme of demerger, resulting in the creation of three separate corporate entities, including Agarwal Fuel Corporation Private Limited (Operational Creditor). Shree Rama Newsprint Ltd. entered into a Memorandum of Understanding (MoU) dated 24.07.2017 with all three companies, undertaking to pay Rs. 7,23,01,248/- in equitable monthly installments. The Corporate Debtor paid an installment of Rs. 12,00,000/- on 31.10.2020. On 13.03.2021, the Corporate Debtor sent an e-mail to the Operational Creditor admitting the debt of
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Agarwal Transport Corporation Pvt. Ltd.…
Agarwal Transport Corporation Pvt. Ltd.…
The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Agrawal Fuel Corporation Pvt. Ltd. (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Rama Newsprint Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in paying an operational debt of Rs. 2,55,26,222/-. The date of default was stated as 31.10.2020. The Corporate Debtor argued that the application was not maintainable because it was solely based on a settlement agreement/MoU and that the invoices were beyond the period of limitation.
Agarwal Transport Corporation Pvt. Ltd. provided transport services to Shree Rama Newsprint Ltd. (Corporate Debtor) between 31.05.2015 and 28.02.2018 and raised invoices. On 19.03.2020, the National Company Law Tribunal Bench at Ahmedabad sanctioned a scheme of demerger, resulting in the creation of three separate corporate entities, including Agarwal Fuel Corporation Private Limited (Operational Creditor). Shree Rama Newsprint Ltd. entered into a Memorandum of Understanding (MoU) dated 24.07.2017 with all three companies, undertaking to pay Rs. 7,23,01,248/- in equitable monthly installments. The Corporate Debtor paid an installment of Rs. 12,00,000/- on 31.10.2020. On 13.03.2021, the Corporate Debtor sent an e-mail to the Operational Creditor admitting the debt of
…Agarwal Transport Corporation Pvt. Ltd.…
Agarwal Transport Corporation Pvt. Ltd.…