Bajaj Rubber Company Private Limited, the applicant and operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Capital Auto Rubber Products Private Limited, the corporate debtor. The applicant claimed that the corporate debtor defaulted on payments for goods/chemicals supplied based on purchase orders. The applicant maintained a running account with the corporate debtor, with a 15-day credit period and a 24% interest rate on delayed payments. Despite repeated follow-ups, the corporate debtor failed to clear the outstanding dues.
Bajaj Rubber Company Private Limited (Applicant/Operational Creditor) supplied chemicals, carbon, and colors/pigments to Capital Auto Rubber Products Private Limited (Respondent/Corporate Debtor) based on purchase orders. The applicant maintained a running account with the corporate debtor, with a 15-day credit period and a 24% interest rate on delayed payments. The corporate debtor made irregular payments. The outstanding amount was Rs 1,37,06,827/- including cost of goods, VAT, GST and interest. The corporate debtor paid Rs 1,00,000/- on 05.04.2018. Cheques for Rs 69,012/- and Rs 1,00,000/- were dishonored. The applicant issued a demand notice dated 20.02.2019 under Section 8 of the I&B Code, 2016, for the outstanding amount, which the corporate debtor neither
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Bajaj Rubber Company Private Limited, the applicant and operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Capital Auto Rubber Products Private Limited, the corporate debtor. The applicant claimed that the corporate debtor defaulted on payments for goods/chemicals supplied based on purchase orders. The applicant maintained a running account with the corporate debtor, with a 15-day credit period and a 24% interest rate on delayed payments. Despite repeated follow-ups, the corporate debtor failed to clear the outstanding dues.
Bajaj Rubber Company Private Limited (Applicant/Operational Creditor) supplied chemicals, carbon, and colors/pigments to Capital Auto Rubber Products Private Limited (Respondent/Corporate Debtor) based on purchase orders. The applicant maintained a running account with the corporate debtor, with a 15-day credit period and a 24% interest rate on delayed payments. The corporate debtor made irregular payments. The outstanding amount was Rs 1,37,06,827/- including cost of goods, VAT, GST and interest. The corporate debtor paid Rs 1,00,000/- on 05.04.2018. Cheques for Rs 69,012/- and Rs 1,00,000/- were dishonored. The applicant issued a demand notice dated 20.02.2019 under Section 8 of the I&B Code, 2016, for the outstanding amount, which the corporate debtor neither
…The corporate debtor…
The corporate…