M/S Supreme Packaging Industries filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Rayban Foods Private Limited to initiate the Corporate Insolvency Resolution Process (CIRP). Supreme Packaging Industries, a partnership firm, supplied plastic packaging materials to Rayban Foods. An agreement stipulated an 18% per annum penal interest on payments delayed beyond 30 days from the invoice date. The applicant claimed to have duly supplied and delivered the materials to Hapur as ordered by the corporate debtor, without any complaints regarding service or quality.
M/S Supreme Packaging Industries (the Applicant), a partnership firm, supplied plastic packaging materials to M/S Rayban Foods Private Limited (the Corporate Debtor). The Corporate Debtor approached the Applicant for the purchase of plastic packaging materials. As per the agreement, any delay in payments beyond 30 days from the invoice date would attract a penal interest of 18% per annum. The Applicant raised multiple invoices totaling Rs. 48,71,970.60. The Corporate Debtor made only seven payments totaling Rs. 39,80,036 until 20.04.2017, leaving an outstanding amount of Rs. 8,91,934.60. The Applicant sent a demand notice dated 01.07.2019 under Section 8 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor did not make the payment, and no one appeared on
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M/S Supreme Packaging Industries filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Rayban Foods Private Limited to initiate the Corporate Insolvency Resolution Process (CIRP). Supreme Packaging Industries, a partnership firm, supplied plastic packaging materials to Rayban Foods. An agreement stipulated an 18% per annum penal interest on payments delayed beyond 30 days from the invoice date. The applicant claimed to have duly supplied and delivered the materials to Hapur as ordered by the corporate debtor, without any complaints regarding service or quality.
M/S Supreme Packaging Industries (the Applicant), a partnership firm, supplied plastic packaging materials to M/S Rayban Foods Private Limited (the Corporate Debtor). The Corporate Debtor approached the Applicant for the purchase of plastic packaging materials. As per the agreement, any delay in payments beyond 30 days from the invoice date would attract a penal interest of 18% per annum. The Applicant raised multiple invoices totaling Rs. 48,71,970.60. The Corporate Debtor made only seven payments totaling Rs. 39,80,036 until 20.04.2017, leaving an outstanding amount of Rs. 8,91,934.60. The Applicant sent a demand notice dated 01.07.2019 under Section 8 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor did not make the payment, and no one appeared on
…Invoice No. 3…
Invoice No. 5…