The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Hukum Singh & Sons (Operational Creditor) to initiate the Corporate Insolvency Resolution Process against M/s. US Graphics Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied goods, with outstanding invoices dating from 20.12.2017 to 11.02.2020. A demand notice was issued on 07.07.2021. The total claim, including principal and interest, amounted to Rs. 14,16,633/-. The Adjudicating Authority observed that the claim was less than the threshold limit of Rs. 1 Crore, leading to a hearing on the maintainability of the application.
M/s. Hukum Singh & Sons (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. US Graphics Private Limited (Corporate Debtor). The Operational Creditor claimed that it supplied paper products to the Corporate Debtor between 20.12.2017 and 11.02.2020, for which invoices were raised. The Corporate Debtor allegedly defaulted on payments. A demand notice was issued on 07.07.2021. The total outstanding debt claimed by the Operational Creditor was Rs. 14,16,633/-, which included a principal amount of Rs. 8,32,104/- and interest of Rs. 5,84,529/- calculated at 24% per annum. The application was filed on 24.09.2021. The Adjudicating Authority noted
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Operational Creditor…
Operational Creditor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Hukum Singh & Sons (Operational Creditor) to initiate the Corporate Insolvency Resolution Process against M/s. US Graphics Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied goods, with outstanding invoices dating from 20.12.2017 to 11.02.2020. A demand notice was issued on 07.07.2021. The total claim, including principal and interest, amounted to Rs. 14,16,633/-. The Adjudicating Authority observed that the claim was less than the threshold limit of Rs. 1 Crore, leading to a hearing on the maintainability of the application.
M/s. Hukum Singh & Sons (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. US Graphics Private Limited (Corporate Debtor). The Operational Creditor claimed that it supplied paper products to the Corporate Debtor between 20.12.2017 and 11.02.2020, for which invoices were raised. The Corporate Debtor allegedly defaulted on payments. A demand notice was issued on 07.07.2021. The total outstanding debt claimed by the Operational Creditor was Rs. 14,16,633/-, which included a principal amount of Rs. 8,32,104/- and interest of Rs. 5,84,529/- calculated at 24% per annum. The application was filed on 24.09.2021. The Adjudicating Authority noted
…Operational Creditor…
Operational Creditor…