The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Newgen Speciality Plastics Ltd. (Operational Creditor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against 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.
Newgen Speciality Plastics Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Royal Polyurethane India Private Limited (Corporate Debtor) for defaulting on payments. 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. The purchase order was for Rs. 4,67,98,086.00. The Operational Creditor supplied goods and issued invoices, and the Corporate Debtor made partial payments. The last delivery was on 15.03.2019. The Operational Creditor sent a demand notice for Rs. 27,15,669/-, which was returned
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Corporate Debtor placed a purchase order with…
Last leg of delivery containing ice box and…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Newgen Speciality Plastics Ltd. (Operational Creditor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against 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.
Newgen Speciality Plastics Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Royal Polyurethane India Private Limited (Corporate Debtor) for defaulting on payments. 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. The purchase order was for Rs. 4,67,98,086.00. The Operational Creditor supplied goods and issued invoices, and the Corporate Debtor made partial payments. The last delivery was on 15.03.2019. The Operational Creditor sent a demand notice for Rs. 27,15,669/-, which was returned
…Corporate Debtor placed a purchase order with…
Last leg of delivery containing ice box and…