2020 (12) TMI 807

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....nsolvency Resolution Process. During the course of supply of linen blended fabrics to the Corporate Debtor against various purchase orders, 19 invoices were issued during the period March, 2018 to June 2018 for a total amount of Rs. 1,55,27,465/- However the Corporate Debtor has paid only an amount of Rs. 32,71,879/-. As on 9th December, 2018 an amount of Rs. 1,46,33,008/- which is inclusive of Rs. 23,77,442/- being the interest is due from the Corporate Debtor. Since the Corporate Debtor did not pay the debts due, the Operational Creditor issued a Section 8 demand notice on 9.12.2019 and the same was delivered to the Corporate Debtor on 24th December, 2019. Further to the demand notice an amount of Rs. 3,00,000/- was paid on 1.2.2020, howe....

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....e Limited, a Company incorporated under the Companies Act, 1956 having its Registered Office at Vaninilayam, PRA: 68 Friends Nagar. Palachuvadu. Kakkanad, Kerala - 682038 (Hereinafter referred to as "Corporate Debtor" which term or expression shall unless excluded by or repugnant to the subject or context hereof shall mean and include its heirs, successors and assigns of the ONE PART) and Sulpa International. through its Proprietor Mr. Partha Sarthi Sarkar (Hereinafter referred to as "Operational Creditor", which term or expression shall unless excluded by or repugnant to the subject or context hereof shall mean and include his/her heirs, Successors and assigns of the SECOND PART), collectively "the Parties". WHEREAS, The Corporate....

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....1 July 2021 7,00,000 9 31 August 2021 8,00,000 10 30 September 2021 8,00,000 11 31 October 2021 9,00,000 12 30 November 2021 10,00,000 13 31 December 2021 10,00,000 14 31 January 2022 10,00,000 15 28 February 2022 10,55,586   TOTAL 1,26,55,586 4. The Corporate Debtor shall provide post-dated cheques equivalent to the amount due as per above repayment schedule for 1st block of six moths i.e. commencing from the month of December 2020 to May 2021 along with Personal Guarantee of' Mr. Stephen Logan to enter, sign, execute and implement a memorandum of understanding for repayment of the principal and interest outstanding of the Operational Creditor as m....