The case involves a petition filed by Novatic Coatings Private Limited, an Operational Creditor, against ABCN Manufacturing Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 19,52,172.88/- (including principal and interest) based on unpaid invoices for the supply of paints. The Corporate Debtor contested the claim, stating that payments were made at regular intervals and that certain payments were made directly to the Sales Tax Officer on behalf of the Operational Creditor.
Novatic Coatings Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against ABCN Manufacturing Private Limited (Corporate Debtor) seeking initiation of CIRP. The petition was filed on 17.01.2020. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of paints based on various work orders executed between 14.11.2018 and 05.04.2019. The total amount claimed was Rs. 19,52,172.88/-, including a principal amount of Rs. 17,76,252.88/- and interest of Rs. 1,75,919.11/- calculated at 18% from 28.10.2019. The Operational Creditor issued a demand notice under Section 8 of the Code on 04.11.2019, which was received by the Corporate Debtor on 16.11.2019. The Corporate
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Novatic Coatings Private Limited filed the…
Operational Creditor executed various work…
The case involves a petition filed by Novatic Coatings Private Limited, an Operational Creditor, against ABCN Manufacturing Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 19,52,172.88/- (including principal and interest) based on unpaid invoices for the supply of paints. The Corporate Debtor contested the claim, stating that payments were made at regular intervals and that certain payments were made directly to the Sales Tax Officer on behalf of the Operational Creditor.
Novatic Coatings Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against ABCN Manufacturing Private Limited (Corporate Debtor) seeking initiation of CIRP. The petition was filed on 17.01.2020. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of paints based on various work orders executed between 14.11.2018 and 05.04.2019. The total amount claimed was Rs. 19,52,172.88/-, including a principal amount of Rs. 17,76,252.88/- and interest of Rs. 1,75,919.11/- calculated at 18% from 28.10.2019. The Operational Creditor issued a demand notice under Section 8 of the Code on 04.11.2019, which was received by the Corporate Debtor on 16.11.2019. The Corporate
…Novatic Coatings Private Limited filed the…
Operational Creditor executed various work…