The case involves a Company Petition filed by M/s Sarla Performance Fibres Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Blue Blends (India) Ltd. (Corporate Debtor). The Operational Creditor alleges that the Corporate Debtor defaulted in making payment of Rs. 1,60,00,000/- which was due on 30.11.2017.
M/s Sarla Performance Fibres Limited (Operational Creditor) filed a Company Petition against M/s Blue Blends (India) Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into an agreement dated 25.09.2017, under which the Corporate Debtor was liable to pay Rs. 1,75,00,000/-. The Corporate Debtor paid Rs. 15,00,000/-, leaving a balance of Rs. 1,60,00,000/- due on 30.11.2017. The Corporate Debtor admitted its liability and issued cheques, which were dishonored. The Operational Creditor sent a Demand Notice dated 12.04.2018 under Section 8 of the Code. The Corporate Debtor did not reply to the Demand Notice or raise any dispute. The Operational Creditor submitted bank statements showing
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Operational Creditor…
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The case involves a Company Petition filed by M/s Sarla Performance Fibres Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Blue Blends (India) Ltd. (Corporate Debtor). The Operational Creditor alleges that the Corporate Debtor defaulted in making payment of Rs. 1,60,00,000/- which was due on 30.11.2017.
M/s Sarla Performance Fibres Limited (Operational Creditor) filed a Company Petition against M/s Blue Blends (India) Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into an agreement dated 25.09.2017, under which the Corporate Debtor was liable to pay Rs. 1,75,00,000/-. The Corporate Debtor paid Rs. 15,00,000/-, leaving a balance of Rs. 1,60,00,000/- due on 30.11.2017. The Corporate Debtor admitted its liability and issued cheques, which were dishonored. The Operational Creditor sent a Demand Notice dated 12.04.2018 under Section 8 of the Code. The Corporate Debtor did not reply to the Demand Notice or raise any dispute. The Operational Creditor submitted bank statements showing
…Operational Creditor…
Corporate Debtor…