The case involves an application by M/s Standard Strips Pvt. Ltd., an Operational Creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Chempharm Industries India Pvt. Ltd., the Respondent Corporate Debtor. The Operational Creditor claimed that they supplied material comprising of GP Coils and GIPSP sheets to the Corporate Debtor based on purchase orders. Invoices were raised, and a running account was maintained, reflecting an outstanding balance of Rs. 17,93,347/- as of April 29, 2018. Despite repeated requests, the Corporate Debtor failed to liquidate the outstanding liability but acknowledged it. The Operational Creditor issued a notice under Section 8 of the Insolvency & Bankruptcy Code, 2016, which was replied to by
…M/s Standard Strips Pvt. Ltd. (Operational Creditor) supplied GP Coils and GIPSP sheets to M/s Chempharm Industries India Pvt. Ltd. (Corporate Debtor) based on purchase orders. Invoices were raised, and a running account was maintained, reflecting an outstanding balance of Rs. 17,93,347/- as of April 29, 2018. The Corporate Debtor failed to liquidate the outstanding liability despite repeated requests but acknowledged the debt. The Operational Creditor issued a notice under Section 8 of the Insolvency & Bankruptcy Code, 2016, which was replied to by the Corporate Debtor, who did not deny the supply of goods but contested the quantity. The Operational Creditor filed a petition, including a statement of their bank account. The Corporate Debtor did not appear in court
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Outstanding balance of…
Applicant/Operational Creditor issued a notice…
The case involves an application by M/s Standard Strips Pvt. Ltd., an Operational Creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Chempharm Industries India Pvt. Ltd., the Respondent Corporate Debtor. The Operational Creditor claimed that they supplied material comprising of GP Coils and GIPSP sheets to the Corporate Debtor based on purchase orders. Invoices were raised, and a running account was maintained, reflecting an outstanding balance of Rs. 17,93,347/- as of April 29, 2018. Despite repeated requests, the Corporate Debtor failed to liquidate the outstanding liability but acknowledged it. The Operational Creditor issued a notice under Section 8 of the Insolvency & Bankruptcy Code, 2016, which was replied to by
…M/s Standard Strips Pvt. Ltd. (Operational Creditor) supplied GP Coils and GIPSP sheets to M/s Chempharm Industries India Pvt. Ltd. (Corporate Debtor) based on purchase orders. Invoices were raised, and a running account was maintained, reflecting an outstanding balance of Rs. 17,93,347/- as of April 29, 2018. The Corporate Debtor failed to liquidate the outstanding liability despite repeated requests but acknowledged the debt. The Operational Creditor issued a notice under Section 8 of the Insolvency & Bankruptcy Code, 2016, which was replied to by the Corporate Debtor, who did not deny the supply of goods but contested the quantity. The Operational Creditor filed a petition, including a statement of their bank account. The Corporate Debtor did not appear in court
…Outstanding balance of…
Applicant/Operational Creditor issued a notice…