Bhanu Cerglaze Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Regma Ceramics Pvt Ltd (Corporate Debtor) for an unpaid operational debt of Rs. 1,26,98,561/-. The debt arose from the supply of ceramic glaze frits between 2017 and 2021. The Corporate Debtor contended that the debt was settled through a Memorandum of Settlement (MoS) dated 16.11.2018 and a Credit Note, and that subsequent invoices were also paid. They also raised the issue of the application being barred by limitation.
Bhanu Cerglaze Pvt Ltd (Operational Creditor) supplied ceramic glaze frits to Regma Ceramics Pvt Ltd (Corporate Debtor) between 2017 and 2021.
The total value of goods supplied amounted to approximately Rs. 2,47,05,267/-.
The Corporate Debtor made part payments of Rs. 1,72,39,911/- between 2017 and 2022, with the last payment on 08.07.2021.
An outstanding principal amount of Rs. 75,58,667/- remained unpaid.
Interest at 24% p.a. for the period 01.08.2021 to 30.05.2024 amounted to Rs. 51,39,894/-.
The total operational debt in default, including interest, aggregated to Rs. 1,26,98,561/-.
The Operational Creditor issued a Demand Notice dated 31.05.2024 in Form-3 and Form-4 under Section 8 of the IBC, 2016.
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Regma Ceramics…
Corporate Debtor placed purchase orders upon…
Bhanu Cerglaze Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Regma Ceramics Pvt Ltd (Corporate Debtor) for an unpaid operational debt of Rs. 1,26,98,561/-. The debt arose from the supply of ceramic glaze frits between 2017 and 2021. The Corporate Debtor contended that the debt was settled through a Memorandum of Settlement (MoS) dated 16.11.2018 and a Credit Note, and that subsequent invoices were also paid. They also raised the issue of the application being barred by limitation.
Bhanu Cerglaze Pvt Ltd (Operational Creditor) supplied ceramic glaze frits to Regma Ceramics Pvt Ltd (Corporate Debtor) between 2017 and 2021.
The total value of goods supplied amounted to approximately Rs. 2,47,05,267/-.
The Corporate Debtor made part payments of Rs. 1,72,39,911/- between 2017 and 2022, with the last payment on 08.07.2021.
An outstanding principal amount of Rs. 75,58,667/- remained unpaid.
Interest at 24% p.a. for the period 01.08.2021 to 30.05.2024 amounted to Rs. 51,39,894/-.
The total operational debt in default, including interest, aggregated to Rs. 1,26,98,561/-.
The Operational Creditor issued a Demand Notice dated 31.05.2024 in Form-3 and Form-4 under Section 8 of the IBC, 2016.
…Regma Ceramics…
Corporate Debtor placed purchase orders upon…