The case involves an application filed by APL Corporation Private Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Saffron Poly Threads Private Limited, the Corporate Debtor. The Operational Creditor claimed an amount of Rs. 14,06,131/- plus interest for goods supplied to the Corporate Debtor. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of goods supplied and that the claims were time-barred.
APL Corporation Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Saffron Poly Threads Private Limited (Corporate Debtor). The claim was for Rs. 14,06,131/- plus interest for goods supplied. The Corporate Debtor contended a pre-existing dispute regarding the quality of goods and that the claims were time-barred. The Operational Creditor argued that goods were supplied, payments were promised, but dues remained unpaid. The Corporate Debtor claimed goods supplied in 2015 were of inferior quality and still lying in their premises. The Operational Creditor stated that the Corporate Debtor admitted that payment could be adjusted against
…Sign in to view the parties.
Operational Creditor…
Order reserved…
The case involves an application filed by APL Corporation Private Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Saffron Poly Threads Private Limited, the Corporate Debtor. The Operational Creditor claimed an amount of Rs. 14,06,131/- plus interest for goods supplied to the Corporate Debtor. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of goods supplied and that the claims were time-barred.
APL Corporation Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Saffron Poly Threads Private Limited (Corporate Debtor). The claim was for Rs. 14,06,131/- plus interest for goods supplied. The Corporate Debtor contended a pre-existing dispute regarding the quality of goods and that the claims were time-barred. The Operational Creditor argued that goods were supplied, payments were promised, but dues remained unpaid. The Corporate Debtor claimed goods supplied in 2015 were of inferior quality and still lying in their premises. The Operational Creditor stated that the Corporate Debtor admitted that payment could be adjusted against
…Operational Creditor…
Order reserved…