The case involves an application filed by M/s Supreme Packaging Industries, an operational creditor, against M/s Al. Tabarak Frozen Foods Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application is based on the alleged default by the corporate debtor in clearing a debt of Rs. 20,71,472.14/- towards services provided by the operational creditor. The applicant claims that the corporate debtor approached them for purchasing plastic packaging materials in May 2018, and after examining the quality of goods, raised a purchase order. It was agreed that any delay in payments after the grace period would attract a penal interest of 18% per annum.

The case involves an application filed by M/s Supreme Packaging Industries, an operational creditor, against M/s Al. Tabarak Frozen Foods Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application is based on the alleged default by the corporate debtor in clearing a debt of Rs. 20,71,472.14/- towards services provided by the operational creditor. The applicant claims that the corporate debtor approached them for purchasing plastic packaging materials in May 2018, and after examining the quality of goods, raised a purchase order. It was agreed that any delay in payments after the grace period would attract a penal interest of 18% per annum.