M/s. Primee Silicones (Chennai) Private Limited, the Operational Creditor, filed an application under Section 9 of the I&B Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Ucal Fuel Systems Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on a total outstanding debt of Rs. 13,24,275, comprising a principal amount of Rs. 8,03,815 and interest of Rs. 5,20,460 at 24% per annum. The Operational Creditor is in the business of manufacturing metal forming fluid, lubricant oil, and industrial oil, and supplied 'Die Coat' material to the Corporate Debtor, for which tax invoices were raised.

M/s. Primee Silicones (Chennai) Private Limited, the Operational Creditor, filed an application under Section 9 of the I&B Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Ucal Fuel Systems Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on a total outstanding debt of Rs. 13,24,275, comprising a principal amount of Rs. 8,03,815 and interest of Rs. 5,20,460 at 24% per annum. The Operational Creditor is in the business of manufacturing metal forming fluid, lubricant oil, and industrial oil, and supplied 'Die Coat' material to the Corporate Debtor, for which tax invoices were raised.