This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Sanjay Sharma, Partner of M/s. Ma Jagadamba Enterprises (Operational Creditor), against M/s. Super Iron Foundry Private Limited (Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 97,94,279/- along with interest at 24% from the date of payment, totaling Rs. 1,04,44,601.60/-, with the date of default being March 25, 2022. The Corporate Debtor contested the claim, alleging that the interest rate was not agreed upon and that a payment of Rs. 10 Lakh was made after the demand notice was issued, reducing the debt below the threshold financial limit.
Mr. Sanjay Sharma, Partner of M/s. Ma Jagadamba Enterprises, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Super Iron Foundry Private Limited, seeking initiation of CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 97,94,279/- along with interest at 24% from the date of payment, totaling Rs. 1,04,44,601.60/-, with the date of default being March 25, 2022. The Corporate Debtor argued that the interest rate was not agreed upon and that a payment of Rs. 10 Lakh was made on August 16, 2022, after the demand notice was issued on the same day, which was received on August 18, 2022. The Operational Creditor allegedly tempered the invoices to show a higher interest rate of 24% instead
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M/s. Super Iron…
The Operational…
This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Sanjay Sharma, Partner of M/s. Ma Jagadamba Enterprises (Operational Creditor), against M/s. Super Iron Foundry Private Limited (Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 97,94,279/- along with interest at 24% from the date of payment, totaling Rs. 1,04,44,601.60/-, with the date of default being March 25, 2022. The Corporate Debtor contested the claim, alleging that the interest rate was not agreed upon and that a payment of Rs. 10 Lakh was made after the demand notice was issued, reducing the debt below the threshold financial limit.
Mr. Sanjay Sharma, Partner of M/s. Ma Jagadamba Enterprises, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Super Iron Foundry Private Limited, seeking initiation of CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 97,94,279/- along with interest at 24% from the date of payment, totaling Rs. 1,04,44,601.60/-, with the date of default being March 25, 2022. The Corporate Debtor argued that the interest rate was not agreed upon and that a payment of Rs. 10 Lakh was made on August 16, 2022, after the demand notice was issued on the same day, which was received on August 18, 2022. The Operational Creditor allegedly tempered the invoices to show a higher interest rate of 24% instead
…M/s. Super Iron…
The Operational…