The petition was filed for initiating the Corporate Insolvency Resolution Process against the Corporate Debtor due to its inability to liquidate outstanding dues. The Operational Creditor, GP Petroleum Ltd., had business dealings with the Corporate Debtor, VCRM Petrochemicals Ltd., since 21.03.2015, supplying Chandri Ink Process. The Corporate Debtor defaulted on payments amounting to Rs. 66,71,720/-. The Operational Creditor issued a demand notice dated 28.04.2018 under Section 8 of the IBC, which was not replied to, leading to the filing of the Section 9 petition.
GP Petroleum Ltd., the Operational Creditor, is a listed entity dealing in industrial and automotive oil and lubricants. They had business dealings with VCRM Petrochemicals Ltd., the Corporate Debtor, since 21.03.2015, supplying Chandri Ink Process. The Corporate Debtor defaulted on payments amounting to Rs. 66,71,720/-. GP Petroleum Ltd. issued a demand notice on 28.04.2018 under Section 8 of the IBC, which went unanswered. Consequently, GP Petroleum Ltd. filed a petition under Section 9 of the IBC to initiate the Corporate Insolvency Resolution Process. VCRM Petrochemicals Ltd. failed to appear in the proceedings despite being served notice, leading the court to proceed ex parte. The Operational Creditor claimed interest @ 24% p.a on account of delay in payment.
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GP Petroleum Ltd. and…
GP Petroleum Ltd. issued a demand notice to…
The petition was filed for initiating the Corporate Insolvency Resolution Process against the Corporate Debtor due to its inability to liquidate outstanding dues. The Operational Creditor, GP Petroleum Ltd., had business dealings with the Corporate Debtor, VCRM Petrochemicals Ltd., since 21.03.2015, supplying Chandri Ink Process. The Corporate Debtor defaulted on payments amounting to Rs. 66,71,720/-. The Operational Creditor issued a demand notice dated 28.04.2018 under Section 8 of the IBC, which was not replied to, leading to the filing of the Section 9 petition.
GP Petroleum Ltd., the Operational Creditor, is a listed entity dealing in industrial and automotive oil and lubricants. They had business dealings with VCRM Petrochemicals Ltd., the Corporate Debtor, since 21.03.2015, supplying Chandri Ink Process. The Corporate Debtor defaulted on payments amounting to Rs. 66,71,720/-. GP Petroleum Ltd. issued a demand notice on 28.04.2018 under Section 8 of the IBC, which went unanswered. Consequently, GP Petroleum Ltd. filed a petition under Section 9 of the IBC to initiate the Corporate Insolvency Resolution Process. VCRM Petrochemicals Ltd. failed to appear in the proceedings despite being served notice, leading the court to proceed ex parte. The Operational Creditor claimed interest @ 24% p.a on account of delay in payment.
GP Petroleum Ltd. and…
GP Petroleum Ltd. issued a demand notice to…