The case originates from a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by The Shop, an operational creditor, against Carbontree Industries Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The petition was filed before the Adjudicating Authority on 27.05.2019, alleging a default of Rs. 6,53,000.00 as of 01.07.2016.
The Shop, a registered partnership firm, is engaged in the business of dealing, distributing, and supplying audio-video systems and allied products. Carbontree Industries Private Limited approached The Shop for the supply of these goods. The Shop supplied goods to Carbontree Industries on credit between 03.05.2016 and 31.08.2016, raising invoices totaling ₹12,03,000. Carbontree Industries made two payments totaling ₹5,00,000, leaving an outstanding debt of ₹6,53,000. The Shop served a demand notice to Carbontree Industries on 21.01.2019, but Carbontree Industries did not respond or make the outstanding payment. The petition was filed on 27.05.2019. The invoices did not provide for interest in case of delayed payments. The Corporate Debtor remained unrepresented
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Carbontree Industries…
The Corporate Debtor placed an order with the…
The case originates from a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by The Shop, an operational creditor, against Carbontree Industries Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The petition was filed before the Adjudicating Authority on 27.05.2019, alleging a default of Rs. 6,53,000.00 as of 01.07.2016.
The Shop, a registered partnership firm, is engaged in the business of dealing, distributing, and supplying audio-video systems and allied products. Carbontree Industries Private Limited approached The Shop for the supply of these goods. The Shop supplied goods to Carbontree Industries on credit between 03.05.2016 and 31.08.2016, raising invoices totaling ₹12,03,000. Carbontree Industries made two payments totaling ₹5,00,000, leaving an outstanding debt of ₹6,53,000. The Shop served a demand notice to Carbontree Industries on 21.01.2019, but Carbontree Industries did not respond or make the outstanding payment. The petition was filed on 27.05.2019. The invoices did not provide for interest in case of delayed payments. The Corporate Debtor remained unrepresented
…Carbontree Industries…
The Corporate Debtor placed an order with the…