The case involves an application (CA No. 739/2019) filed by M/s Parkash Cotton Pressing Factory, an operational creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the release of payment of dues on account of interest accrued during the Corporate Insolvency Resolution Process (CIRP) period of M/s Supreme Tex Mart Limited, the corporate debtor. Allahabad Bank initiated CIRP against M/s Supreme Tex Mart Limited. The applicant supplied raw materials to the corporate debtor during CIRP and liquidation. The corporate debtor went into liquidation on 08.08.2018. The applicant moved CA No. 429/2018 seeking classification of its dues as CIRP costs, which was disposed of by holding that the applicant's dues have priority over the dues of any
…M/s Parkash Cotton Pressing Factory (the Applicant) filed CA No.739/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking interest on delayed payments from M/s Supreme Tex Mart Limited (the Corporate Debtor) during its CIRP and liquidation. Allahabad Bank initiated CIRP against the Corporate Debtor. The Applicant, an operational creditor, supplied raw materials to the Corporate Debtor. The Corporate Debtor went into liquidation on 08.08.2018. The Applicant's claim of Rs.3,01,90,402/- was admitted in relation to CIRP. The Corporate Debtor owed Rs.7,19,65,695/- for raw materials supplied during CIRP and Rs.3.34,48.392/- post-liquidation. The Applicant received Rs.2,00,00,000/- for CIRP supplies and Rs.1,40,00,000/- for liquidation supplies. The
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Tribunal initiated CIRP…
Corporate Debt…
The case involves an application (CA No. 739/2019) filed by M/s Parkash Cotton Pressing Factory, an operational creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the release of payment of dues on account of interest accrued during the Corporate Insolvency Resolution Process (CIRP) period of M/s Supreme Tex Mart Limited, the corporate debtor. Allahabad Bank initiated CIRP against M/s Supreme Tex Mart Limited. The applicant supplied raw materials to the corporate debtor during CIRP and liquidation. The corporate debtor went into liquidation on 08.08.2018. The applicant moved CA No. 429/2018 seeking classification of its dues as CIRP costs, which was disposed of by holding that the applicant's dues have priority over the dues of any
…M/s Parkash Cotton Pressing Factory (the Applicant) filed CA No.739/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking interest on delayed payments from M/s Supreme Tex Mart Limited (the Corporate Debtor) during its CIRP and liquidation. Allahabad Bank initiated CIRP against the Corporate Debtor. The Applicant, an operational creditor, supplied raw materials to the Corporate Debtor. The Corporate Debtor went into liquidation on 08.08.2018. The Applicant's claim of Rs.3,01,90,402/- was admitted in relation to CIRP. The Corporate Debtor owed Rs.7,19,65,695/- for raw materials supplied during CIRP and Rs.3.34,48.392/- post-liquidation. The Applicant received Rs.2,00,00,000/- for CIRP supplies and Rs.1,40,00,000/- for liquidation supplies. The
…Tribunal initiated CIRP…
Corporate Debt…