The case involves a petition filed by M/s Bhansali Engineering Polymers Limited, an operational creditor, against M/s Crown Alba Writing Instrument India Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for supplied materials. The petitioner had supplied certain material like i.e. Petro Chemicals, resin/granules as per purchase order issued by the Respondent under various invoices.
M/s Bhansali Engineering Polymers Limited (Operational Creditor) supplied Petro Chemicals, resin/granules to M/s Crown Alba Writing Instrument India Pvt.Ltd. (Corporate Debtor) under various invoices between 2015-08-12 and 2015-10-28, totaling Rs. 50,93,099. Despite repeated requests, the Corporate Debtor failed to pay the outstanding dues. The Operational Creditor issued a demand notice on 2017-10-25 under Section 8(1) of the IB Code, requesting payment within ten days. The Corporate Debtor still failed to discharge the debt. The Operational Creditor claimed interest at 18% p.a. as per the invoices, bringing the total outstanding dues to Rs. 68,85,469 as of 2017-09-20. The Operational Creditor submitted documents including invoices, a bank certificate confirming
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The case involves a petition filed by M/s Bhansali Engineering Polymers Limited, an operational creditor, against M/s Crown Alba Writing Instrument India Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for supplied materials. The petitioner had supplied certain material like i.e. Petro Chemicals, resin/granules as per purchase order issued by the Respondent under various invoices.
M/s Bhansali Engineering Polymers Limited (Operational Creditor) supplied Petro Chemicals, resin/granules to M/s Crown Alba Writing Instrument India Pvt.Ltd. (Corporate Debtor) under various invoices between 2015-08-12 and 2015-10-28, totaling Rs. 50,93,099. Despite repeated requests, the Corporate Debtor failed to pay the outstanding dues. The Operational Creditor issued a demand notice on 2017-10-25 under Section 8(1) of the IB Code, requesting payment within ten days. The Corporate Debtor still failed to discharge the debt. The Operational Creditor claimed interest at 18% p.a. as per the invoices, bringing the total outstanding dues to Rs. 68,85,469 as of 2017-09-20. The Operational Creditor submitted documents including invoices, a bank certificate confirming
…First invoice…
Last invoice d…