The case pertains to an application filed by M/s. Sudhaavarshini Paper Mills Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Guntur Multi Packaging Industries Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in making payment of Rs. 10,12,604 towards invoices raised for goods supplied.
M/s. Sudhaavarshini Paper Mills Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Guntur Multi Packaging Industries Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 10,12,604 for goods supplied. A demand notice was issued by the Operational Creditor on 2019-02-18, to which the Corporate Debtor replied on 2019-02-22, stating inability to pay due to unfavorable circumstances. The Corporate Debtor failed to make any payments. The Corporate Debtor did not file a counter to the petition despite several adjournments, and their right to do so was forfeited by the
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The Operational Creditor issued a demand…
The Corporate Debtor replied to the demand…
The case pertains to an application filed by M/s. Sudhaavarshini Paper Mills Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Guntur Multi Packaging Industries Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in making payment of Rs. 10,12,604 towards invoices raised for goods supplied.
M/s. Sudhaavarshini Paper Mills Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Guntur Multi Packaging Industries Pvt Ltd (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 10,12,604 for goods supplied. A demand notice was issued by the Operational Creditor on 2019-02-18, to which the Corporate Debtor replied on 2019-02-22, stating inability to pay due to unfavorable circumstances. The Corporate Debtor failed to make any payments. The Corporate Debtor did not file a counter to the petition despite several adjournments, and their right to do so was forfeited by the
…The Operational Creditor issued a demand…
The Corporate Debtor replied to the demand…