The Operational Creditor, M/s. Puneet Steels & Alloys Pvt. Ltd., filed a petition to initiate the Corporate Insolvency Resolution Process (CIRP) against the Respondent Company, M/s Ideal Printographics Pvt. Ltd., due to its inability to liquidate its debt. The Corporate Debtor had requested the Operational Creditor to manufacture and supply machine parts, for which a total amount of Rs. 25,09,926/- was raised. The Corporate Debtor made a part payment of Rs. 5 lakhs but failed to remit the balance despite repeated requests and reminders. A demand notice under Section 8 of the IBC was duly served but remained unreplied.
M/s. Puneet Steels & Alloys Pvt. Ltd. (Operational Creditor) supplied machine parts to M/s Ideal Printographics Pvt. Ltd. (Corporate Debtor) based on the Corporate Debtor's specific requirements. The total amount due for the supplied parts was Rs. 25,09,926/-. The Corporate Debtor made a partial payment of Rs. 5 lakhs but failed to pay the remaining balance. The Operational Creditor sent repeated requests and reminders for payment, but the Corporate Debtor did not take any steps to pay the balance. A demand notice was served under Section 8 of the IBC, but the Corporate Debtor did not reply. The invoices were raised in 2013, and the last payment was received on 10.01.2014. The Corporate Debtor's Income Tax Returns for the year 2014-15 acknowledged the outstanding
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Invoices were raised by the Operational…
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The Operational Creditor, M/s. Puneet Steels & Alloys Pvt. Ltd., filed a petition to initiate the Corporate Insolvency Resolution Process (CIRP) against the Respondent Company, M/s Ideal Printographics Pvt. Ltd., due to its inability to liquidate its debt. The Corporate Debtor had requested the Operational Creditor to manufacture and supply machine parts, for which a total amount of Rs. 25,09,926/- was raised. The Corporate Debtor made a part payment of Rs. 5 lakhs but failed to remit the balance despite repeated requests and reminders. A demand notice under Section 8 of the IBC was duly served but remained unreplied.
M/s. Puneet Steels & Alloys Pvt. Ltd. (Operational Creditor) supplied machine parts to M/s Ideal Printographics Pvt. Ltd. (Corporate Debtor) based on the Corporate Debtor's specific requirements. The total amount due for the supplied parts was Rs. 25,09,926/-. The Corporate Debtor made a partial payment of Rs. 5 lakhs but failed to pay the remaining balance. The Operational Creditor sent repeated requests and reminders for payment, but the Corporate Debtor did not take any steps to pay the balance. A demand notice was served under Section 8 of the IBC, but the Corporate Debtor did not reply. The invoices were raised in 2013, and the last payment was received on 10.01.2014. The Corporate Debtor's Income Tax Returns for the year 2014-15 acknowledged the outstanding
…Invoices were raised by the Operational…
The Corporate Debtor…