The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Vasavi Bala Resins Private Limited (Operational Creditor) against Shriram SEPL Composites Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 55,24,929/-, including a principal sum of Rs. 43,02,902/- and interest of Rs. 12,22,027/-, with the date of default stated as 14.06.2017. The Corporate Debtor disputed the opening balance and claimed full settlement of dues as per a settlement agreement dated 07.09.2019. The Tribunal directed the Corporate Debtor to furnish a tabulation of invoices and payments, along with the settlement agreement.
Vasavi Bala Resins Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shriram SEPL Composites Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 55,24,929/-, comprising a principal sum of Rs. 43,02,902/- and interest of Rs. 12,22,027/-, with the date of default being 14.06.2017. The Operational Creditor supplied resin to the Corporate Debtor based on purchase orders from 26.05.2017 to 28.06.2018, raising 11 invoices. The Corporate Debtor issued three post-dated cheques, which the Operational Creditor was later asked not to present for realization. The Corporate Debtor disputed the opening
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Operational Creditor…
Operational Creditor completes supplying…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Vasavi Bala Resins Private Limited (Operational Creditor) against Shriram SEPL Composites Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 55,24,929/-, including a principal sum of Rs. 43,02,902/- and interest of Rs. 12,22,027/-, with the date of default stated as 14.06.2017. The Corporate Debtor disputed the opening balance and claimed full settlement of dues as per a settlement agreement dated 07.09.2019. The Tribunal directed the Corporate Debtor to furnish a tabulation of invoices and payments, along with the settlement agreement.
Vasavi Bala Resins Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shriram SEPL Composites Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 55,24,929/-, comprising a principal sum of Rs. 43,02,902/- and interest of Rs. 12,22,027/-, with the date of default being 14.06.2017. The Operational Creditor supplied resin to the Corporate Debtor based on purchase orders from 26.05.2017 to 28.06.2018, raising 11 invoices. The Corporate Debtor issued three post-dated cheques, which the Operational Creditor was later asked not to present for realization. The Corporate Debtor disputed the opening
…Operational Creditor…
Operational Creditor completes supplying…