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). 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 supplied goods against invoices, and the Corporate Debtor made partial payments. A final invoice was raised on 15.03.2019. The Operational Creditor claimed an outstanding
…Sign in to view the parties.
Corporate Debtor placed a purchase order…
Final invoice r…
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). 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 supplied goods against invoices, and the Corporate Debtor made partial payments. A final invoice was raised on 15.03.2019. The Operational Creditor claimed an outstanding
…Corporate Debtor placed a purchase order…
Final invoice r…