The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Newgen Speciality Plastics Ltd. (Operational Creditor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Royal Polyurethane India Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. The Corporate Debtor contested the application, alleging a pre-existing dispute and claiming that the Operational Creditor owed them money.
M/s Newgen Speciality Plastics Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Royal Polyurethane India Private Limited (Corporate Debtor) for non-payment of dues. The Operational Creditor is a manufacturer and supplier of plastic products, while the Corporate Debtor is in the business of manufacturing basic chemicals. In 2018, the Corporate Debtor placed a purchase order with the Operational Creditor for Ice Box and Carrier Frame, amounting to Rs. 4,67,98,086.00. The Operational Creditor fulfilled its contractual obligations and issued invoices, which the Corporate Debtor accepted and made partial payments against. The last delivery
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Corporate Debtor placed a purchase order with…
Last leg of delivery…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Newgen Speciality Plastics Ltd. (Operational Creditor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Royal Polyurethane India Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. The Corporate Debtor contested the application, alleging a pre-existing dispute and claiming that the Operational Creditor owed them money.
M/s Newgen Speciality Plastics Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Royal Polyurethane India Private Limited (Corporate Debtor) for non-payment of dues. The Operational Creditor is a manufacturer and supplier of plastic products, while the Corporate Debtor is in the business of manufacturing basic chemicals. In 2018, the Corporate Debtor placed a purchase order with the Operational Creditor for Ice Box and Carrier Frame, amounting to Rs. 4,67,98,086.00. The Operational Creditor fulfilled its contractual obligations and issued invoices, which the Corporate Debtor accepted and made partial payments against. The last delivery
…Corporate Debtor placed a purchase order with…
Last leg of delivery…