The Operational Creditor, Mr. Om Prakash, proprietor of Khandelwal Packing Corporation, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the IB (Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/S Azam Rubber Products Private Limited. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for 52 invoices totaling Rs. 1,37,48,248/- for goods supplied. Despite repeated requests and admissions of dues by the Corporate Debtor, no payments were made. The Corporate Debtor claimed a pre-existing dispute regarding the quality of goods, which the Operational Creditor denied.
Mr. Om Prakash, the Operational Creditor and proprietor of Khandelwal Packing Corporation, supplied goods to M/S Azam Rubber Products Private Limited, the Corporate Debtor. The Corporate Debtor failed to pay Rs. 1,37,48,248/- against 52 invoices. The first invoice was due on December 5, 2021, and the last on June 8, 2022. The Operational Creditor sent emails on June 20 and 21, 2022, demanding payment. The Corporate Debtor admitted the dues in an email dated June 22, 2022, but requested more time due to financial difficulties. Further emails were exchanged on June 24, 2022, with the Corporate Debtor reiterating its financial crisis. The Operational Creditor sent a demand notice dated August 9, 2022, which was received by the Corporate Debtor on August 24, 2022. The
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First pending invoice…
First pending…
The Operational Creditor, Mr. Om Prakash, proprietor of Khandelwal Packing Corporation, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the IB (Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/S Azam Rubber Products Private Limited. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for 52 invoices totaling Rs. 1,37,48,248/- for goods supplied. Despite repeated requests and admissions of dues by the Corporate Debtor, no payments were made. The Corporate Debtor claimed a pre-existing dispute regarding the quality of goods, which the Operational Creditor denied.
Mr. Om Prakash, the Operational Creditor and proprietor of Khandelwal Packing Corporation, supplied goods to M/S Azam Rubber Products Private Limited, the Corporate Debtor. The Corporate Debtor failed to pay Rs. 1,37,48,248/- against 52 invoices. The first invoice was due on December 5, 2021, and the last on June 8, 2022. The Operational Creditor sent emails on June 20 and 21, 2022, demanding payment. The Corporate Debtor admitted the dues in an email dated June 22, 2022, but requested more time due to financial difficulties. Further emails were exchanged on June 24, 2022, with the Corporate Debtor reiterating its financial crisis. The Operational Creditor sent a demand notice dated August 9, 2022, which was received by the Corporate Debtor on August 24, 2022. The
…First pending invoice…
First pending…