Uttam Polyrubs India Pvt. Ltd., as the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Asian Soles Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the supply of raw materials. The Corporate Debtor had issued four cheques towards partial discharge of the outstanding liability, but these cheques were dishonored. Despite repeated follow-ups, the Corporate Debtor made a last payment on 2017-06-17, leaving an unpaid balance of Rs. 11,43,152.45. The Operational Creditor issued a demand notice under Section 8 of the IBC, claiming the outstanding principal amount along with interest.
Uttam Polyrubs India Pvt. Ltd. (Operational Creditor) filed a petition against Asian Soles Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied raw materials to the Corporate Debtor for manufacturing purposes. The Corporate Debtor defaulted on payments, leading to dishonored cheques. A last payment was made on 2017-06-17, leaving an outstanding balance of Rs. 11,43,152.45. A demand notice under Section 8 of the IBC was issued. The Corporate Debtor initially appeared in court but did not file a reply. The petition was filed in the required format with necessary compliance under Section 9(3)(b) and 9(3)(c) of the Code. The key fact is the default in payment by the Corporate Debtor, which triggered the
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The Corporate Debtor…
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Uttam Polyrubs India Pvt. Ltd., as the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Asian Soles Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the supply of raw materials. The Corporate Debtor had issued four cheques towards partial discharge of the outstanding liability, but these cheques were dishonored. Despite repeated follow-ups, the Corporate Debtor made a last payment on 2017-06-17, leaving an unpaid balance of Rs. 11,43,152.45. The Operational Creditor issued a demand notice under Section 8 of the IBC, claiming the outstanding principal amount along with interest.
Uttam Polyrubs India Pvt. Ltd. (Operational Creditor) filed a petition against Asian Soles Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied raw materials to the Corporate Debtor for manufacturing purposes. The Corporate Debtor defaulted on payments, leading to dishonored cheques. A last payment was made on 2017-06-17, leaving an outstanding balance of Rs. 11,43,152.45. A demand notice under Section 8 of the IBC was issued. The Corporate Debtor initially appeared in court but did not file a reply. The petition was filed in the required format with necessary compliance under Section 9(3)(b) and 9(3)(c) of the Code. The key fact is the default in payment by the Corporate Debtor, which triggered the
…The Corporate Debtor…
Order delivered by the…