The case involves a petition filed by Novatic Coatings Private Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against ABCN Manufacturing Limited, the Corporate Debtor. The petition was filed on 17.01.2020. The Operational Creditor claimed a sum of Rs. 19,52,172.88/- (Principal of Rs. 17,76,252.88/- and Interest @ 18% from 28.10.2019 Rs.1,75,919.11/-) as due from the Corporate Debtor against 21 tax invoices raised from 04.01.2019 till 19.03.2019. The Corporate Debtor contended that payments were made at regular intervals and that the Operational Creditor concealed material facts.
Novatic Coatings Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ABCN Manufacturing Limited (Corporate Debtor). The petition was filed on 17.01.2020. The Operational Creditor claimed Rs. 19,52,172.88/- (principal of Rs. 17,76,252.88/- and interest of Rs. 1,75,919.11/-) was due against 21 tax invoices raised between 04.01.2019 and 19.03.2019 for supply of paints. The Operational Creditor issued a demand notice u/s 8 of the Code dated 04.11.2019, which was received by the Corporate Debtor on 16.11.2019. The Corporate Debtor stated that payments were made at regular intervals from 2017 to 2019 and that they received a notice under Form
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Novatic Coatings Private Limited filed a…
The Operational Creditor executed various work…
The case involves a petition filed by Novatic Coatings Private Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against ABCN Manufacturing Limited, the Corporate Debtor. The petition was filed on 17.01.2020. The Operational Creditor claimed a sum of Rs. 19,52,172.88/- (Principal of Rs. 17,76,252.88/- and Interest @ 18% from 28.10.2019 Rs.1,75,919.11/-) as due from the Corporate Debtor against 21 tax invoices raised from 04.01.2019 till 19.03.2019. The Corporate Debtor contended that payments were made at regular intervals and that the Operational Creditor concealed material facts.
Novatic Coatings Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ABCN Manufacturing Limited (Corporate Debtor). The petition was filed on 17.01.2020. The Operational Creditor claimed Rs. 19,52,172.88/- (principal of Rs. 17,76,252.88/- and interest of Rs. 1,75,919.11/-) was due against 21 tax invoices raised between 04.01.2019 and 19.03.2019 for supply of paints. The Operational Creditor issued a demand notice u/s 8 of the Code dated 04.11.2019, which was received by the Corporate Debtor on 16.11.2019. The Corporate Debtor stated that payments were made at regular intervals from 2017 to 2019 and that they received a notice under Form
…Novatic Coatings Private Limited filed a…
The Operational Creditor executed various work…