The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by UPI Polymers Pvt Ltd (Operational Creditor) against SPML Infra Ltd (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) due to non-payment of outstanding debt. The Operational Creditor claimed that the Corporate Debtor owed Rs.2,67,41,116.96/- (invoices) plus Rs.1,73,91,761.95/- (interest amount). The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of material supplied, the claim was time-barred, and the Operational Creditor approached with unclean hands.
UPI Polymers Pvt Ltd (Operational Creditor) claimed that SPML Infra Ltd (Corporate Debtor) owed them Rs.2,67,41,116.96/- (invoices) plus Rs.1,73,91,761.95/- (interest amount) for the supply of HDPE/MDPE Pipes. The Operational Creditor stated that they had supplied materials to the Corporate Debtor from 2015-08-01 to 2015-12-24, based on three purchase orders. The Operational Creditor sent a legal notice on 2018-04-06, demanding the outstanding amount. Subsequently, a demand notice in Form 3 & 4 was sent on 2019-08-13. The Corporate Debtor replied on 2019-10-01, citing a commercial relationship and seeking reconciliation of accounts. The Corporate Debtor issued cheques on 2016-08-09, but two of them bounced. Part payments were made by the Corporate Debtor on
…Sign in to view the parties.
Operational Creditor supplied materials to…
Operational Creditor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by UPI Polymers Pvt Ltd (Operational Creditor) against SPML Infra Ltd (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) due to non-payment of outstanding debt. The Operational Creditor claimed that the Corporate Debtor owed Rs.2,67,41,116.96/- (invoices) plus Rs.1,73,91,761.95/- (interest amount). The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of material supplied, the claim was time-barred, and the Operational Creditor approached with unclean hands.
UPI Polymers Pvt Ltd (Operational Creditor) claimed that SPML Infra Ltd (Corporate Debtor) owed them Rs.2,67,41,116.96/- (invoices) plus Rs.1,73,91,761.95/- (interest amount) for the supply of HDPE/MDPE Pipes. The Operational Creditor stated that they had supplied materials to the Corporate Debtor from 2015-08-01 to 2015-12-24, based on three purchase orders. The Operational Creditor sent a legal notice on 2018-04-06, demanding the outstanding amount. Subsequently, a demand notice in Form 3 & 4 was sent on 2019-08-13. The Corporate Debtor replied on 2019-10-01, citing a commercial relationship and seeking reconciliation of accounts. The Corporate Debtor issued cheques on 2016-08-09, but two of them bounced. Part payments were made by the Corporate Debtor on
…Operational Creditor supplied materials to…
Operational Creditor…