The Operational Creditor, M/s Satkar Logistics Private Limited, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s S.N.J Trade Link Private Limited. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for logistics services rendered. The Corporate Debtor contested the application, raising contentions of limitation and pre-existing disputes.
M/s Satkar Logistics Private Limited (Operational Creditor) provided logistics services to M/s S.N.J Trade Link Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs.3,40,529/- along with an agreed interest of 24% per annum. The date of default was mentioned as 25.06.2016. The Operational Creditor issued a notice under Section 8 of the IBC, 2016 on 27.02.2019. The Corporate Debtor contended that the application was barred by limitation as it was filed on 14.08.2019, more than three years after the date of default. The Corporate Debtor also claimed a pre-existing dispute, citing email correspondence regarding demurrage charges, credit notes, and TDS payments. The relevance of the facts lies
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The Operational…
Notice u/s 8 of IBC,…
The Operational Creditor, M/s Satkar Logistics Private Limited, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s S.N.J Trade Link Private Limited. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for logistics services rendered. The Corporate Debtor contested the application, raising contentions of limitation and pre-existing disputes.
M/s Satkar Logistics Private Limited (Operational Creditor) provided logistics services to M/s S.N.J Trade Link Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs.3,40,529/- along with an agreed interest of 24% per annum. The date of default was mentioned as 25.06.2016. The Operational Creditor issued a notice under Section 8 of the IBC, 2016 on 27.02.2019. The Corporate Debtor contended that the application was barred by limitation as it was filed on 14.08.2019, more than three years after the date of default. The Corporate Debtor also claimed a pre-existing dispute, citing email correspondence regarding demurrage charges, credit notes, and TDS payments. The relevance of the facts lies
…The Operational…
Notice u/s 8 of IBC,…