M/s. Excel Tubes and Cones (Operational Creditor) filed an I.B. Petition against M/s. Sysco Industries Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor had defaulted on payments amounting to Rs. 27,00,247/- with an additional 18% interest per annum from the date of default, totaling Rs. 28,79,238.58. The Operational Creditor supplied paper tubes to the Corporate Debtor, who allegedly acknowledged the invoices but failed to make payments. The Corporate Debtor claimed a pre-existing dispute regarding the quality of the supplied goods, citing emails sent to the Operational Creditor. However, the Corporate Debtor also proposed a settlement acknowledging a debt liability of Rs.

M/s. Excel Tubes and Cones (Operational Creditor) filed an I.B. Petition against M/s. Sysco Industries Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor had defaulted on payments amounting to Rs. 27,00,247/- with an additional 18% interest per annum from the date of default, totaling Rs. 28,79,238.58. The Operational Creditor supplied paper tubes to the Corporate Debtor, who allegedly acknowledged the invoices but failed to make payments. The Corporate Debtor claimed a pre-existing dispute regarding the quality of the supplied goods, citing emails sent to the Operational Creditor. However, the Corporate Debtor also proposed a settlement acknowledging a debt liability of Rs.