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 against ABCN Manufacturing Private Limited (Corporate Debtor) under Section 9 of the IBC, seeking initiation of CIRP. The petition was filed on 2020-01-17. The Operational Creditor claimed a debt of Rs. 19,52,172.88/-, including principal (Rs. 17,76,252.88/-) and interest (Rs. 1,75,919.11/-), arising from 21 tax invoices raised between 2019-01-04 and 2019-03-19 for the supply of paints. The Operational Creditor issued a demand notice on 2019-11-04, which was received by the Corporate Debtor on 2019-11-16. The Corporate Debtor argued that payments were made at regular intervals from 2017 to 2019 and that payments were made directly to the Sales Tax Officer on behalf of the Operational Creditor. The
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Novatic Coatings Private Limited filed a…
The Operational Creditor…
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 against ABCN Manufacturing Private Limited (Corporate Debtor) under Section 9 of the IBC, seeking initiation of CIRP. The petition was filed on 2020-01-17. The Operational Creditor claimed a debt of Rs. 19,52,172.88/-, including principal (Rs. 17,76,252.88/-) and interest (Rs. 1,75,919.11/-), arising from 21 tax invoices raised between 2019-01-04 and 2019-03-19 for the supply of paints. The Operational Creditor issued a demand notice on 2019-11-04, which was received by the Corporate Debtor on 2019-11-16. The Corporate Debtor argued that payments were made at regular intervals from 2017 to 2019 and that payments were made directly to the Sales Tax Officer on behalf of the Operational Creditor. The
…Novatic Coatings Private Limited filed a…
The Operational Creditor…