The petitioner, Universal Bamboo, an operational creditor, initiated insolvency proceedings against Hindustan Paper Corporate Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, due to the corporate debtor's inability to liquidate outstanding dues. The corporate debtor had issued a letter of intent in September 2016, followed by a purchase order for the supply of bamboo. The operational creditor supplied the bamboo and raised invoices. Despite acknowledging its liability, the corporate debtor failed to remit the amounts due. The operational creditor issued a demand notice, to which the corporate debtor responded by requesting the creditor not to initiate steps as they were in the process of revival.
Universal Bamboo, an operational creditor, supplied bamboo to Hindustan Paper Corporate Ltd., the corporate debtor, based on a purchase order issued in September 2016. Two invoices were raised on 2016-11-02, totaling Rs. 53,72,133. A penalty of Rs. 99,121 was levied due to a shortfall in weight. The operational creditor requested payment of Rs. 52,73,012 along with a refund of a Rs. 2 lakh security deposit, totaling Rs. 54,73,012. The corporate debtor acknowledged its liability in a letter dated 2017-06-09 but failed to remit the amount. A demand notice was issued on 2017-10-31. The corporate debtor requested the operational creditor not to initiate steps, citing ongoing revival efforts. The petition was filed by M/s. Universal Bamboo, a sole proprietorship, not in the
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Corporate Debto…
Purchase order…
The petitioner, Universal Bamboo, an operational creditor, initiated insolvency proceedings against Hindustan Paper Corporate Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, due to the corporate debtor's inability to liquidate outstanding dues. The corporate debtor had issued a letter of intent in September 2016, followed by a purchase order for the supply of bamboo. The operational creditor supplied the bamboo and raised invoices. Despite acknowledging its liability, the corporate debtor failed to remit the amounts due. The operational creditor issued a demand notice, to which the corporate debtor responded by requesting the creditor not to initiate steps as they were in the process of revival.
Universal Bamboo, an operational creditor, supplied bamboo to Hindustan Paper Corporate Ltd., the corporate debtor, based on a purchase order issued in September 2016. Two invoices were raised on 2016-11-02, totaling Rs. 53,72,133. A penalty of Rs. 99,121 was levied due to a shortfall in weight. The operational creditor requested payment of Rs. 52,73,012 along with a refund of a Rs. 2 lakh security deposit, totaling Rs. 54,73,012. The corporate debtor acknowledged its liability in a letter dated 2017-06-09 but failed to remit the amount. A demand notice was issued on 2017-10-31. The corporate debtor requested the operational creditor not to initiate steps, citing ongoing revival efforts. The petition was filed by M/s. Universal Bamboo, a sole proprietorship, not in the
…Corporate Debto…
Purchase order…