Jindal SMI Coated Products Limited, the Operational Creditor (OC), filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Total Print Solutions Private Limited, the Corporate Debtor (CD). The OC claimed a total default amount of Rs. 1,57,27,642/-, including a principal amount of Rs. 94,02,912/- and interest of Rs. 63,24,730/-.
Jindal SMI Coated Products Limited filed a petition under Section 9 of the IBC against Total Print Solutions Private Limited.
The total amount of default claimed was Rs. 1,57,27,642/-, including principal and interest.
The Corporate Debtor argued that the interest clause was unilateral and not mutually agreed upon.
The Corporate Debtor claimed the principal amount was below the Rs. 1 crore threshold.
The Operational Creditor issued demand notices, but the Corporate Debtor failed to discharge the liability.
The Corporate Debtor issued post-dated cheques that were dishonoured.
The Operational Creditor relied on invoices stipulating interest at 24% p.a. for non-payment within 30 days.
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Company Petition No.…
The default occ…
Jindal SMI Coated Products Limited, the Operational Creditor (OC), filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Total Print Solutions Private Limited, the Corporate Debtor (CD). The OC claimed a total default amount of Rs. 1,57,27,642/-, including a principal amount of Rs. 94,02,912/- and interest of Rs. 63,24,730/-.
Jindal SMI Coated Products Limited filed a petition under Section 9 of the IBC against Total Print Solutions Private Limited.
The total amount of default claimed was Rs. 1,57,27,642/-, including principal and interest.
The Corporate Debtor argued that the interest clause was unilateral and not mutually agreed upon.
The Corporate Debtor claimed the principal amount was below the Rs. 1 crore threshold.
The Operational Creditor issued demand notices, but the Corporate Debtor failed to discharge the liability.
The Corporate Debtor issued post-dated cheques that were dishonoured.
The Operational Creditor relied on invoices stipulating interest at 24% p.a. for non-payment within 30 days.
…Company Petition No.…
The default occ…