S.L. Plastics filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aditya Chemtec Private Limited. The application was filed due to the corporate debtor's failure to pay for an invoice issued on June 1, 2017, amounting to Rs. 13,54,300, of which Rs. 7,02,800 remained outstanding for goods supplied, along with an interest of Rs. 2,58,207 at 18% calculated from the due date of July 1, 2017, to July 16, 2019.
S.L. Plastics, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aditya Chemtec Private Limited, the corporate debtor. The application was based on the corporate debtor's failure to pay an outstanding amount of Rs. 7,02,800 out of an invoice of Rs. 13,54,300 issued on June 1, 2017, for goods supplied, along with interest. The corporate debtor claimed a pre-existing dispute regarding the quality of the goods, stating that more than 50% of the goods were damaged. The operational creditor raised a demand notice dated 16.07.2019 under Section 8 of the Code. The corporate debtor argued that the threshold limit for initiating insolvency proceedings had increased to Rs. 1 Crore, but the
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S.L. Plastics issued an…
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S.L. Plastics filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aditya Chemtec Private Limited. The application was filed due to the corporate debtor's failure to pay for an invoice issued on June 1, 2017, amounting to Rs. 13,54,300, of which Rs. 7,02,800 remained outstanding for goods supplied, along with an interest of Rs. 2,58,207 at 18% calculated from the due date of July 1, 2017, to July 16, 2019.
S.L. Plastics, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aditya Chemtec Private Limited, the corporate debtor. The application was based on the corporate debtor's failure to pay an outstanding amount of Rs. 7,02,800 out of an invoice of Rs. 13,54,300 issued on June 1, 2017, for goods supplied, along with interest. The corporate debtor claimed a pre-existing dispute regarding the quality of the goods, stating that more than 50% of the goods were damaged. The operational creditor raised a demand notice dated 16.07.2019 under Section 8 of the Code. The corporate debtor argued that the threshold limit for initiating insolvency proceedings had increased to Rs. 1 Crore, but the
…S.L. Plastics issued an…
The due date…