Kamal Chemicals, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against T.C.Terrytex Limited, the corporate debtor, for initiating the insolvency resolution process due to unpaid operational debt. The operational creditor claimed a default of ₹70,33,514.60 as of 18.11.2017, arising from the supply of goods/materials. The corporate debtor contested the petition, alleging that the operational creditor had failed to account for an oral agreement where the corporate debtor supplied 'Yarn' to the operational creditor, which should have been adjusted against the outstanding dues. The corporate debtor also disputed the amount claimed and alleged non-receipt of the demand notice.
Kamal Chemicals, an operational creditor, filed a petition against T.C.Terrytex Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Kamal Chemicals claimed that T.C.Terrytex Limited defaulted on payments amounting to ₹70,33,514.60 as of 18.11.2017, arising from the supply of goods/materials. The invoices were raised between 06.09.2012 and 11.05.2017. Kamal Chemicals sent a demand notice dated 06.11.2017, which was delivered to T.C.Terrytex Limited on 07.11.2017. T.C.Terrytex Limited objected to the petition, claiming that there was an oral agreement where T.C.Terrytex Limited supplied 'Yarn' to Kamal Chemicals, which should have been adjusted against the outstanding dues. T.C.Terrytex Limited also disputed the amount claimed,
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Kamal Chemicals, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against T.C.Terrytex Limited, the corporate debtor, for initiating the insolvency resolution process due to unpaid operational debt. The operational creditor claimed a default of ₹70,33,514.60 as of 18.11.2017, arising from the supply of goods/materials. The corporate debtor contested the petition, alleging that the operational creditor had failed to account for an oral agreement where the corporate debtor supplied 'Yarn' to the operational creditor, which should have been adjusted against the outstanding dues. The corporate debtor also disputed the amount claimed and alleged non-receipt of the demand notice.
Kamal Chemicals, an operational creditor, filed a petition against T.C.Terrytex Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Kamal Chemicals claimed that T.C.Terrytex Limited defaulted on payments amounting to ₹70,33,514.60 as of 18.11.2017, arising from the supply of goods/materials. The invoices were raised between 06.09.2012 and 11.05.2017. Kamal Chemicals sent a demand notice dated 06.11.2017, which was delivered to T.C.Terrytex Limited on 07.11.2017. T.C.Terrytex Limited objected to the petition, claiming that there was an oral agreement where T.C.Terrytex Limited supplied 'Yarn' to Kamal Chemicals, which should have been adjusted against the outstanding dues. T.C.Terrytex Limited also disputed the amount claimed,
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