Maxim Tubes Company Pvt. Ltd., acting as an Operational Creditor, filed a Company Application against its customer, International Coil Limited, the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor failed to open a Letter of Credit as agreed upon for two purchase orders of steel pipes. Despite partial payments, a balance of Rs. 81,53,763 remained unpaid. The Operational Creditor issued a Form-4 Invoice claiming a default of Rs. 91,96,269 including interest. The Corporate Debtor contended there was an existing dispute, citing delays by the Operational Creditor in approving the Letter of Credit format and non-supply of goods. They also claimed the cheques issued were for security purposes only and

Maxim Tubes Company Pvt. Ltd., acting as an Operational Creditor, filed a Company Application against its customer, International Coil Limited, the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor failed to open a Letter of Credit as agreed upon for two purchase orders of steel pipes. Despite partial payments, a balance of Rs. 81,53,763 remained unpaid. The Operational Creditor issued a Form-4 Invoice claiming a default of Rs. 91,96,269 including interest. The Corporate Debtor contended there was an existing dispute, citing delays by the Operational Creditor in approving the Letter of Credit format and non-supply of goods. They also claimed the cheques issued were for security purposes only and