The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking direction to the respondent, M/s. Bansal Yarns Private Limited, to pay the corporate debtor, M/s. Vallabh Textiles Company Limited, an amount of Rs. 22,30,093/- along with interest. The CIRP was initiated on 12.04.2019 at the instance of Punjab National Bank. A transaction audit revealed that Rs. 22,30,093/- remained outstanding from the respondent. Another application, IA No. 1551/2022, was filed seeking clarification of an earlier order, but the Tribunal found no mistake or ambiguity in the impugned order.
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Vallabh Textiles Company Limited, which was admitted on 2019-04-12. M/s. Bansal Yarns Private Limited, a buyer from the corporate debtor, allegedly had an outstanding amount of Rs. 22,30,093/-. The Resolution Professional filed an application (IA No. 685/2020) seeking direction for M/s. Bansal Yarns Private Limited to pay this amount along with interest. The respondent allegedly did not return the goods purchased and utilized them. The Resolution Professional produced documentary evidence to support the claim. M/s. Bansal Yarns Private Limited did not file any reply despite service of notice. Another application (IA No. 1551/2022) was filed seeking clarification of a previous
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CIRP initiated against M/s. Vallabh Textiles…
M/s. Bansal Yarns…
The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking direction to the respondent, M/s. Bansal Yarns Private Limited, to pay the corporate debtor, M/s. Vallabh Textiles Company Limited, an amount of Rs. 22,30,093/- along with interest. The CIRP was initiated on 12.04.2019 at the instance of Punjab National Bank. A transaction audit revealed that Rs. 22,30,093/- remained outstanding from the respondent. Another application, IA No. 1551/2022, was filed seeking clarification of an earlier order, but the Tribunal found no mistake or ambiguity in the impugned order.
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Vallabh Textiles Company Limited, which was admitted on 2019-04-12. M/s. Bansal Yarns Private Limited, a buyer from the corporate debtor, allegedly had an outstanding amount of Rs. 22,30,093/-. The Resolution Professional filed an application (IA No. 685/2020) seeking direction for M/s. Bansal Yarns Private Limited to pay this amount along with interest. The respondent allegedly did not return the goods purchased and utilized them. The Resolution Professional produced documentary evidence to support the claim. M/s. Bansal Yarns Private Limited did not file any reply despite service of notice. Another application (IA No. 1551/2022) was filed seeking clarification of a previous
…CIRP initiated against M/s. Vallabh Textiles…
M/s. Bansal Yarns…