The case involves an I.B. Petition filed by M/s. Balabux Synthetics Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Palav Synthetics Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for synthetic yarn supplied for its fabric manufacturing business. The Corporate Debtor argued that the yarn supplied was not up to the mark, its quality and price were unilaterally changed in the invoices, and there was no agreement for interest payment.
M/s. Balabux Synthetics Private Limited, the Operational Creditor, filed an I.B. Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Palav Synthetics Pvt. Ltd., the Corporate Debtor. The Corporate Debtor approached the Operational Creditor for purchasing synthetic yarn for its fabric works. The Operational Creditor supplied the yarn as per purchase orders, and the Corporate Debtor received and utilized it. The Operational Creditor generated invoices for the supplies. The total bill amount was Rs. 12,32,203. The Corporate Debtor made partial payments totaling Rs. 3,95,538. Certain cheques issued by the Corporate Debtor were dishonored. The Operational Creditor issued a statutory demand notice for the outstanding amount of Rs. 14,61,592.93,
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M/s. Palav Synthetics…
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The case involves an I.B. Petition filed by M/s. Balabux Synthetics Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Palav Synthetics Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for synthetic yarn supplied for its fabric manufacturing business. The Corporate Debtor argued that the yarn supplied was not up to the mark, its quality and price were unilaterally changed in the invoices, and there was no agreement for interest payment.
M/s. Balabux Synthetics Private Limited, the Operational Creditor, filed an I.B. Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Palav Synthetics Pvt. Ltd., the Corporate Debtor. The Corporate Debtor approached the Operational Creditor for purchasing synthetic yarn for its fabric works. The Operational Creditor supplied the yarn as per purchase orders, and the Corporate Debtor received and utilized it. The Operational Creditor generated invoices for the supplies. The total bill amount was Rs. 12,32,203. The Corporate Debtor made partial payments totaling Rs. 3,95,538. Certain cheques issued by the Corporate Debtor were dishonored. The Operational Creditor issued a statutory demand notice for the outstanding amount of Rs. 14,61,592.93,
…M/s. Palav Synthetics…
The last payment of Rs.…