M/s Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Sunshine Fastech Limited (Corporate Debtor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default on an operational debt amounting to Rs. 5,92,34,464.02. This debt arose from the supply of SS Wire Rods/Coil under a bill-to-ship-to model, where the Corporate Debtor failed to pay 11 invoices despite receiving the goods and did not dispute the demand notice issued by the Operational Creditor.
M/s Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s Sunshine Fastech Limited (Corporate Debtor).
The Operational Creditor is engaged in B2B packaging and supply solutions under a bill-to-ship-to-model, while the Corporate Debtor is a private limited company engaged in manufacturing and trading.
The Operational Creditor proposed Mr. Dharit Kishorbhai Shah as the Insolvency Professional.
The total outstanding debt is Rs. 5,92,34,464/-, comprising a principal amount of Rs. 5,32,08,375.23/- and interest of Rs. 60,26,088.79/- accrued as of 13.06.2025.
Invoices were payable within 90 days from their date, and the default occurred after this 90-day period.
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Terms of use agreement…
Corporate Debtor approached Petitioner for SS…
M/s Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Sunshine Fastech Limited (Corporate Debtor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default on an operational debt amounting to Rs. 5,92,34,464.02. This debt arose from the supply of SS Wire Rods/Coil under a bill-to-ship-to model, where the Corporate Debtor failed to pay 11 invoices despite receiving the goods and did not dispute the demand notice issued by the Operational Creditor.
M/s Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s Sunshine Fastech Limited (Corporate Debtor).
The Operational Creditor is engaged in B2B packaging and supply solutions under a bill-to-ship-to-model, while the Corporate Debtor is a private limited company engaged in manufacturing and trading.
The Operational Creditor proposed Mr. Dharit Kishorbhai Shah as the Insolvency Professional.
The total outstanding debt is Rs. 5,92,34,464/-, comprising a principal amount of Rs. 5,32,08,375.23/- and interest of Rs. 60,26,088.79/- accrued as of 13.06.2025.
Invoices were payable within 90 days from their date, and the default occurred after this 90-day period.
…Terms of use agreement…
Corporate Debtor approached Petitioner for SS…