The case involves an application filed by M/s Duke Sponge and Iron Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Laxmi Foils Private Limited, the respondent/corporate debtor. The applicant claimed that the corporate debtor was a regular purchaser of goods since 2012 and had a running account. The operational creditor fulfilled orders and raised invoices, while the corporate debtor made lump sum payments to be adjusted against outstanding invoices. The applicant alleged that the corporate debtor failed to provide C-Forms for supplies worth Rs. 7,59,72,649 made in the Financial Year 2014-15, leading to tax liability. The applicant served a

The case involves an application filed by M/s Duke Sponge and Iron Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Laxmi Foils Private Limited, the respondent/corporate debtor. The applicant claimed that the corporate debtor was a regular purchaser of goods since 2012 and had a running account. The operational creditor fulfilled orders and raised invoices, while the corporate debtor made lump sum payments to be adjusted against outstanding invoices. The applicant alleged that the corporate debtor failed to provide C-Forms for supplies worth Rs. 7,59,72,649 made in the Financial Year 2014-15, leading to tax liability. The applicant served a