Rado Rexine Co. Limited filed a petition under Section 9 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Raksha Supreme Camouflage Private Limited, claiming an operational debt of Rs. 1,15,61,184/- based on a lease agreement.
Rado Rexine Co. Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016 against Raksha Supreme Camouflage Private Limited (Corporate Debtor).
The Operational Creditor claimed an operational debt of Rs. 1,15,61,184/- based on a lease agreement.
The Corporate Debtor argued that the lease deeds were unregistered and therefore inadmissible as evidence.
The Operational Creditor contended that the Corporate Debtor acknowledged the debt through various confirmations and part payments.
The Adjudicating Authority found that the debt exceeded the threshold limit of Rs. 1 crore and that there was a default in repayment.
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Rado Rexine Co. Limited filed a petition under Section 9 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Raksha Supreme Camouflage Private Limited, claiming an operational debt of Rs. 1,15,61,184/- based on a lease agreement.
Rado Rexine Co. Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016 against Raksha Supreme Camouflage Private Limited (Corporate Debtor).
The Operational Creditor claimed an operational debt of Rs. 1,15,61,184/- based on a lease agreement.
The Corporate Debtor argued that the lease deeds were unregistered and therefore inadmissible as evidence.
The Operational Creditor contended that the Corporate Debtor acknowledged the debt through various confirmations and part payments.
The Adjudicating Authority found that the debt exceeded the threshold limit of Rs. 1 crore and that there was a default in repayment.
…Applicant/Operational Creditor entered into a…
The Deed of…