Shree Balaji Refractories Co., an operational creditor, filed a petition against RGTL Industries Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed a debt of Rs. 16,73,518/- arising from the supply of fire clay, castable refractory, fire bricks, and ceramic fiber blanket between August 1, 2018, and November 29, 2018. Ten invoices were raised, with payments due within 30 days of the invoice date. The corporate debtor failed to make payments, leading to a default. A demand notice was issued on January 25, 2019, and served to the corporate debtor, who acknowledged the debt and requested more time. The corporate debtor's financial statements revealed losses and a negative net worth. The corporate

Shree Balaji Refractories Co., an operational creditor, filed a petition against RGTL Industries Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed a debt of Rs. 16,73,518/- arising from the supply of fire clay, castable refractory, fire bricks, and ceramic fiber blanket between August 1, 2018, and November 29, 2018. Ten invoices were raised, with payments due within 30 days of the invoice date. The corporate debtor failed to make payments, leading to a default. A demand notice was issued on January 25, 2019, and served to the corporate debtor, who acknowledged the debt and requested more time. The corporate debtor's financial statements revealed losses and a negative net worth. The corporate