The Operational Creditor, Airpack Gases, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Chowel India Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an unpaid debt of Rs. 34,67,698/- for the supply of gases to the Corporate Debtor. The Corporate Debtor initially disputed the claim but later appeared to accept it, seeking time for settlement. The Corporate Debtor's directors were also in police custody during the proceedings.
Airpack Gases, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Chowel India Private Limited, a corporate debtor, for an unpaid debt of Rs. 34,67,698/-. Airpack Gases supplied gases to Chowel India Private Limited for their manufacturing purposes, based on purchase orders. The credit period for payments was mutually agreed upon as 60 days, but Chowel India Private Limited failed to make payments for around 120 invoices. Airpack Gases sent a demand notice on 03.07.2019, which was returned with an endorsement "Company Closed". The directors of Chowel India Private Limited were in police custody during the proceedings. Chowel India Private Limited initially disputed the claim but later
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The Operational Creditor, Airpack Gases, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Chowel India Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an unpaid debt of Rs. 34,67,698/- for the supply of gases to the Corporate Debtor. The Corporate Debtor initially disputed the claim but later appeared to accept it, seeking time for settlement. The Corporate Debtor's directors were also in police custody during the proceedings.
Airpack Gases, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Chowel India Private Limited, a corporate debtor, for an unpaid debt of Rs. 34,67,698/-. Airpack Gases supplied gases to Chowel India Private Limited for their manufacturing purposes, based on purchase orders. The credit period for payments was mutually agreed upon as 60 days, but Chowel India Private Limited failed to make payments for around 120 invoices. Airpack Gases sent a demand notice on 03.07.2019, which was returned with an endorsement "Company Closed". The directors of Chowel India Private Limited were in police custody during the proceedings. Chowel India Private Limited initially disputed the claim but later
…Operational Creditor sent a Demand Notice in…
Corporate Debtor entered appearance through…