The application was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Westin Resins and Polymers Private Limited, the Operational Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Balaji Fiber Reinforce Private Limited, the Corporate Debtor, due to a default in paying an operational debt of Rs. 3,24,12,207. The Operational Creditor claimed to have sold and supplied resin to the Corporate Debtor between 24.11.2017 and 13.01.2018, with the Corporate Debtor failing to pay the outstanding amount by 17.07.2019. A demand notice was sent under Section 8 of the IBC after the Corporate Debtor admitted to owing a certain sum of money but failed to pay by 19.10.2019.
Westin Resins and Polymers Private Limited (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against Balaji Fiber Reinforce Pvt. Ltd. (Corporate Debtor) due to a default in paying an operational debt of Rs. 3,24,12,207. The Operational Creditor sold and supplied resin to the Corporate Debtor between 24.11.2017 and 13.01.2018. The Corporate Debtor failed to pay the outstanding amount by 17.07.2019. The Corporate Debtor sent an email admitting that certain money remains unpaid. A demand notice was sent under Section 8 of the IBC, but the Corporate Debtor did not pay the debt or point out any pre-existing dispute. The Corporate Debtor raised technical defenses, claiming the goods supplied were of inferior quality and that there was a
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Operational Creditor…
Operational Creditor…
The application was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Westin Resins and Polymers Private Limited, the Operational Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Balaji Fiber Reinforce Private Limited, the Corporate Debtor, due to a default in paying an operational debt of Rs. 3,24,12,207. The Operational Creditor claimed to have sold and supplied resin to the Corporate Debtor between 24.11.2017 and 13.01.2018, with the Corporate Debtor failing to pay the outstanding amount by 17.07.2019. A demand notice was sent under Section 8 of the IBC after the Corporate Debtor admitted to owing a certain sum of money but failed to pay by 19.10.2019.
Westin Resins and Polymers Private Limited (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against Balaji Fiber Reinforce Pvt. Ltd. (Corporate Debtor) due to a default in paying an operational debt of Rs. 3,24,12,207. The Operational Creditor sold and supplied resin to the Corporate Debtor between 24.11.2017 and 13.01.2018. The Corporate Debtor failed to pay the outstanding amount by 17.07.2019. The Corporate Debtor sent an email admitting that certain money remains unpaid. A demand notice was sent under Section 8 of the IBC, but the Corporate Debtor did not pay the debt or point out any pre-existing dispute. The Corporate Debtor raised technical defenses, claiming the goods supplied were of inferior quality and that there was a
…Operational Creditor…
Operational Creditor…