M/s Panipat Texo Fabs Private Limited, an operational creditor, initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Exclusive Overseas Pvt. Ltd., the corporate debtor, due to the latter's inability to pay outstanding dues. The operational creditor claimed to have supplied polyester staple fiber to the corporate debtor since January 2018, with outstanding dues of Rs. 6,56,788 as of March 31, 2018. Despite repeated requests, the corporate debtor made partial payments, leaving a balance of Rs. 4 Lakhs unpaid. A demand notice was issued on July 12, 2018, seeking the outstanding amount along with interest.

M/s Panipat Texo Fabs Private Limited, an operational creditor, initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Exclusive Overseas Pvt. Ltd., the corporate debtor, due to the latter's inability to pay outstanding dues. The operational creditor claimed to have supplied polyester staple fiber to the corporate debtor since January 2018, with outstanding dues of Rs. 6,56,788 as of March 31, 2018. Despite repeated requests, the corporate debtor made partial payments, leaving a balance of Rs. 4 Lakhs unpaid. A demand notice was issued on July 12, 2018, seeking the outstanding amount along with interest.