The Operational Creditor, M/s. GD Chemicals, filed a petition for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Indo Laminates Pvt. Ltd., due to its inability to liquidate its debts. The Corporate Debtor is engaged in the business of lamination and had approached the Operational Creditor for the supply of melamine. Several invoices were raised, and a running account was maintained. As per the ledger account, a sum of Rs. 1,29,67,270/- was due and payable as of 03.03.2018. Despite repeated requests and reminders, the Corporate Debtor failed to liquidate the outstanding liability. The Operational Creditor issued a Demand Notice dated 31.01.2019 under Section 8 of the Insolvency & Bankruptcy Code, claiming Rs. 1,58,59,420/-
…M/s. GD Chemicals, an Operational Creditor, supplied melamine to Indo Laminates Pvt. Ltd., a Corporate Debtor engaged in the business of lamination. Several invoices were raised, and a running account was maintained. As of 03.03.2018, Rs. 1,29,67,270/- was due. The Corporate Debtor failed to liquidate the outstanding liability despite repeated requests. A Demand Notice was issued on 31.01.2019, claiming Rs. 1,58,59,420/-. The Corporate Debtor claimed the Operational Creditor was an unregistered partnership firm, the supplies were substandard, and a notice of dispute was sent. The Corporate Debtor also claimed the demand notice was duly replied to within 10 days. An email from Ajay Sharma of Indo Laminates Pvt. Ltd. dated 12/09/2018, confirmed an outstanding balance of
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Rs. 1,29,67,27…
Email from Ajay Sharma of Indo Laminates Pvt.…
The Operational Creditor, M/s. GD Chemicals, filed a petition for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Indo Laminates Pvt. Ltd., due to its inability to liquidate its debts. The Corporate Debtor is engaged in the business of lamination and had approached the Operational Creditor for the supply of melamine. Several invoices were raised, and a running account was maintained. As per the ledger account, a sum of Rs. 1,29,67,270/- was due and payable as of 03.03.2018. Despite repeated requests and reminders, the Corporate Debtor failed to liquidate the outstanding liability. The Operational Creditor issued a Demand Notice dated 31.01.2019 under Section 8 of the Insolvency & Bankruptcy Code, claiming Rs. 1,58,59,420/-
…M/s. GD Chemicals, an Operational Creditor, supplied melamine to Indo Laminates Pvt. Ltd., a Corporate Debtor engaged in the business of lamination. Several invoices were raised, and a running account was maintained. As of 03.03.2018, Rs. 1,29,67,270/- was due. The Corporate Debtor failed to liquidate the outstanding liability despite repeated requests. A Demand Notice was issued on 31.01.2019, claiming Rs. 1,58,59,420/-. The Corporate Debtor claimed the Operational Creditor was an unregistered partnership firm, the supplies were substandard, and a notice of dispute was sent. The Corporate Debtor also claimed the demand notice was duly replied to within 10 days. An email from Ajay Sharma of Indo Laminates Pvt. Ltd. dated 12/09/2018, confirmed an outstanding balance of
…Rs. 1,29,67,27…
Email from Ajay Sharma of Indo Laminates Pvt.…