This case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Segno Ceramics Pvt Ltd due to default in payment of an operational debt. Trishal Minerals, the petitioner, is a proprietorship firm that supplies chemicals and minerals. Segno Ceramics Pvt Ltd, the respondent, is a private limited company engaged in the manufacture and trade of floor tiles, vitrified tiles, and allied products. Between March 9, 2017, and January 25, 2018, Segno Ceramics placed orders for feldspar powder worth Rs. 20,35,500. Trishal Minerals supplied the powder between April 29, 2017, and February 5, 2018, raising invoices periodically. Segno Ceramics made some payments, but
…Trishal Minerals, a proprietorship firm, supplied feldspar powder to Segno Ceramics Pvt Ltd, a private limited company engaged in manufacturing floor and vitrified tiles. Between March 9, 2017, and January 25, 2018, Segno Ceramics placed orders for feldspar powder worth Rs. 20,35,500. Trishal Minerals supplied the powder from April 29, 2017, to February 5, 2018, and raised invoices. Segno Ceramics made some payments, but by April 6, 2018, Rs. 34,16,039 remained outstanding. Trishal Minerals issued a notice on July 6, 2018, under Section 8 of the IBC, demanding payment of the outstanding dues and interest of Rs. 4,65,979 at 18% per annum. Segno Ceramics admitted the claim but disputed the interest, agreeing to pay the principal in ten installments between November 1,
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This case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Segno Ceramics Pvt Ltd due to default in payment of an operational debt. Trishal Minerals, the petitioner, is a proprietorship firm that supplies chemicals and minerals. Segno Ceramics Pvt Ltd, the respondent, is a private limited company engaged in the manufacture and trade of floor tiles, vitrified tiles, and allied products. Between March 9, 2017, and January 25, 2018, Segno Ceramics placed orders for feldspar powder worth Rs. 20,35,500. Trishal Minerals supplied the powder between April 29, 2017, and February 5, 2018, raising invoices periodically. Segno Ceramics made some payments, but
…Trishal Minerals, a proprietorship firm, supplied feldspar powder to Segno Ceramics Pvt Ltd, a private limited company engaged in manufacturing floor and vitrified tiles. Between March 9, 2017, and January 25, 2018, Segno Ceramics placed orders for feldspar powder worth Rs. 20,35,500. Trishal Minerals supplied the powder from April 29, 2017, to February 5, 2018, and raised invoices. Segno Ceramics made some payments, but by April 6, 2018, Rs. 34,16,039 remained outstanding. Trishal Minerals issued a notice on July 6, 2018, under Section 8 of the IBC, demanding payment of the outstanding dues and interest of Rs. 4,65,979 at 18% per annum. Segno Ceramics admitted the claim but disputed the interest, agreeing to pay the principal in ten installments between November 1,
…Segno Ceramics started…
Segno Ceramics stopped…