The case involves an application filed by Greenply Industries Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against Southern Cooling Tower Private Limited, the corporate debtor. Greenply Industries claimed that Southern Cooling Tower defaulted on payments for plywood supplied. The operational creditor stated that it had a trading relationship with the corporate debtor, selling and delivering plywood consignments. The corporate debtor acknowledged receipt of the goods and made some payments but defaulted on a significant amount.
Greenply Industries Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Southern Cooling Tower Private Limited, the corporate debtor, for defaulting on payments. Greenply Industries claimed that Southern Cooling Tower owed Rs. 62,12,142/- which included principal and interest, for plywood supplied. The operational creditor had sold and delivered four consignments of plywood to the corporate debtor based on requests. The corporate debtor made partial payments totaling Rs. 6,10,636/-, acknowledging the balance due. The corporate debtor argued that the plywood supplied was defective and not in conformity with the required standards, citing a purchase order and test results. The operational creditor
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The case involves an application filed by Greenply Industries Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against Southern Cooling Tower Private Limited, the corporate debtor. Greenply Industries claimed that Southern Cooling Tower defaulted on payments for plywood supplied. The operational creditor stated that it had a trading relationship with the corporate debtor, selling and delivering plywood consignments. The corporate debtor acknowledged receipt of the goods and made some payments but defaulted on a significant amount.
Greenply Industries Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Southern Cooling Tower Private Limited, the corporate debtor, for defaulting on payments. Greenply Industries claimed that Southern Cooling Tower owed Rs. 62,12,142/- which included principal and interest, for plywood supplied. The operational creditor had sold and delivered four consignments of plywood to the corporate debtor based on requests. The corporate debtor made partial payments totaling Rs. 6,10,636/-, acknowledging the balance due. The corporate debtor argued that the plywood supplied was defective and not in conformity with the required standards, citing a purchase order and test results. The operational creditor
…Operational creditor…
Demand notice…