Clariant Services India Private Limited, the operational creditor, filed a company petition against Italtinto Equipment Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor alleged that the corporate debtor defaulted on payments stemming from a Business Transfer Agreement dated November 4, 2016, which became effective on October 31, 2016, for the transfer of "Shade Equipment Business." Under the Business Transfer Agreement, the corporate debtor was obligated to pay INR 83,85,941 as consideration (Clause 2) and discharge payments to suppliers for orders placed before October 31, 2016 (Clause 5). The operational

Clariant Services India Private Limited, the operational creditor, filed a company petition against Italtinto Equipment Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor alleged that the corporate debtor defaulted on payments stemming from a Business Transfer Agreement dated November 4, 2016, which became effective on October 31, 2016, for the transfer of "Shade Equipment Business." Under the Business Transfer Agreement, the corporate debtor was obligated to pay INR 83,85,941 as consideration (Clause 2) and discharge payments to suppliers for orders placed before October 31, 2016 (Clause 5). The operational