The case involves a petition filed by Research Dye Chem Private Limited (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sangeeta Tex Dyes Private Limited (Corporate Debtor) for failing to pay a sum of Rs. 55,10,292.00 as principal and Rs. 4,77,066.00 as interest as of June 30, 2019. The Operational Creditor supplied chemicals to the Corporate Debtor on various occasions, raising invoices that remained unpaid despite repeated reminders.
Research Dye Chem Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Sangeeta Tex Dyes Private Limited (Corporate Debtor). The Corporate Debtor had approached the Operational Creditor for the supply of chemicals on various occasions. The Operational Creditor raised several invoices, which remained unpaid. The total debt due and payable to the Operational Creditor was Rs. 59,87,358.00, including principal and interest. The date of default was June 30, 2019. The Operational Creditor served a Demand Notice in Form 3 dated July 3, 2019, to the Corporate Debtor, but the Corporate Debtor did not reply. The Corporate Debtor's director admitted the liability during a hearing. The factory of the
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The Corporate Debtor defaulted on payments with…
The Operational…
The case involves a petition filed by Research Dye Chem Private Limited (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sangeeta Tex Dyes Private Limited (Corporate Debtor) for failing to pay a sum of Rs. 55,10,292.00 as principal and Rs. 4,77,066.00 as interest as of June 30, 2019. The Operational Creditor supplied chemicals to the Corporate Debtor on various occasions, raising invoices that remained unpaid despite repeated reminders.
Research Dye Chem Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Sangeeta Tex Dyes Private Limited (Corporate Debtor). The Corporate Debtor had approached the Operational Creditor for the supply of chemicals on various occasions. The Operational Creditor raised several invoices, which remained unpaid. The total debt due and payable to the Operational Creditor was Rs. 59,87,358.00, including principal and interest. The date of default was June 30, 2019. The Operational Creditor served a Demand Notice in Form 3 dated July 3, 2019, to the Corporate Debtor, but the Corporate Debtor did not reply. The Corporate Debtor's director admitted the liability during a hearing. The factory of the
…The Corporate Debtor defaulted on payments with…
The Operational…