M/s. Mother Lam Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. 3 Aces Wood Private Limited, alleging a default of Rs. 4,63,90,800/-. The Operational Creditor claimed to be a manufacturer and supplier of wood products to the Corporate Debtor. The Corporate Debtor contested the application, asserting that there was no debt owed and that pre-existing disputes existed regarding the quality of goods supplied.
M/s. Mother Lam Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. 3 Aces Wood Private Limited (Corporate Debtor) for an alleged default of Rs. 4,63,90,800/-. The Operational Creditor claimed to have supplied Paper Based Decorative High Pressure Laminate to the Corporate Debtor. The Corporate Debtor failed to make payments of Rs. 3,71,13,467/- along with interest of Rs. 92,77,333/-. A demand notice dated 15.02.2020 was issued. The Corporate Debtor contended that there was no debt owed and that pre-existing disputes existed regarding the quality of goods supplied, leading to customer complaints and payment cessation. The Corporate Debtor also claimed to have provided raw
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M/s. Mother Lam Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. 3 Aces Wood Private Limited, alleging a default of Rs. 4,63,90,800/-. The Operational Creditor claimed to be a manufacturer and supplier of wood products to the Corporate Debtor. The Corporate Debtor contested the application, asserting that there was no debt owed and that pre-existing disputes existed regarding the quality of goods supplied.
M/s. Mother Lam Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. 3 Aces Wood Private Limited (Corporate Debtor) for an alleged default of Rs. 4,63,90,800/-. The Operational Creditor claimed to have supplied Paper Based Decorative High Pressure Laminate to the Corporate Debtor. The Corporate Debtor failed to make payments of Rs. 3,71,13,467/- along with interest of Rs. 92,77,333/-. A demand notice dated 15.02.2020 was issued. The Corporate Debtor contended that there was no debt owed and that pre-existing disputes existed regarding the quality of goods supplied, leading to customer complaints and payment cessation. The Corporate Debtor also claimed to have provided raw
…Dispute betwe…
Invoice due da…