The Operational Creditor (OC), M/s Shree Balaji Refractories Co., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against the Corporate Debtor (CD), RGTL Industries Ltd., for an operational debt of Rs. 16,73,518/-. The debt arose from the supply of materials by the OC to the CD between 1.8.2018 and 29.11.2018, for which 10 invoices were raised. Payments were due within 30 days of the invoice dates. The CD failed to make payments, leading to a default. The OC issued a demand notice on 25.01.2019, which was served to the CD. The CD acknowledged its liability in a reply dated 27.1.2019, seeking more time to make payments. The OC then approached the Tribunal seeking initiation of Corporate Insolvency Resolution Process (CIRP).
M/s Shree Balaji Refractories Co., the Operational Creditor (OC), filed a petition against RGTL Industries Ltd., the Corporate Debtor (CD), under Section 9 of the Insolvency and Bankruptcy Code, 2016. The OC claimed an operational debt of Rs. 16,73,518/- arising from the supply of materials, including fire clay, castable refractory, fire bricks, and ceramic fiber blanket, to the CD between August 1, 2018, and November 29, 2018. Ten invoices were raised, with payment due within 30 days of each invoice date. The CD failed to make the payments, resulting in a default. A demand notice was issued on January 25, 2019, and served to the CD, which acknowledged the debt on January 27, 2019, requesting more time to pay. The OC then filed a petition seeking initiation of CIRP.
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The Operational Creditor (OC), M/s Shree Balaji Refractories Co., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against the Corporate Debtor (CD), RGTL Industries Ltd., for an operational debt of Rs. 16,73,518/-. The debt arose from the supply of materials by the OC to the CD between 1.8.2018 and 29.11.2018, for which 10 invoices were raised. Payments were due within 30 days of the invoice dates. The CD failed to make payments, leading to a default. The OC issued a demand notice on 25.01.2019, which was served to the CD. The CD acknowledged its liability in a reply dated 27.1.2019, seeking more time to make payments. The OC then approached the Tribunal seeking initiation of Corporate Insolvency Resolution Process (CIRP).
M/s Shree Balaji Refractories Co., the Operational Creditor (OC), filed a petition against RGTL Industries Ltd., the Corporate Debtor (CD), under Section 9 of the Insolvency and Bankruptcy Code, 2016. The OC claimed an operational debt of Rs. 16,73,518/- arising from the supply of materials, including fire clay, castable refractory, fire bricks, and ceramic fiber blanket, to the CD between August 1, 2018, and November 29, 2018. Ten invoices were raised, with payment due within 30 days of each invoice date. The CD failed to make the payments, resulting in a default. A demand notice was issued on January 25, 2019, and served to the CD, which acknowledged the debt on January 27, 2019, requesting more time to pay. The OC then filed a petition seeking initiation of CIRP.
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