Apar Industries Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against City Oil Private Limited, the Corporate Debtor/Respondent, due to unpaid operational debt. The Operational Creditor claimed a default of Rs. 1,54,92,104/-, including principal and interest, arising from the supply of "Power Oil" brand lubricant. The Corporate Debtor admitted to the business relationship but raised disputes regarding the quality of supplied products, GST payment, and the applicability of interest. The Adjudicating Authority considered the rival contentions and documents presented.
Apar Industries Limited (Operational Creditor) filed a petition against City Oil Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 1,54,92,104/-, which included a principal amount of Rs. 1,00,15,995/- and interest calculated at 24% per annum. The default was claimed to have occurred on 13.07.2019, based on payment terms requiring payment within 45 days of delivery. The Operational Creditor supplied "Power Oil" brand lubricant to the Corporate Debtor based on purchase orders issued between May and July 2019, totaling Rs. 1,11,75,564/-, out of which the Corporate Debtor paid Rs. 11,46,634/- with the last payment on 30.11.2021. The Corporate Debtor acknowledged the debt but cited financial
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Purchase Order Number COPL/AIL/02/19-20 was…
Apar Industries Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against City Oil Private Limited, the Corporate Debtor/Respondent, due to unpaid operational debt. The Operational Creditor claimed a default of Rs. 1,54,92,104/-, including principal and interest, arising from the supply of "Power Oil" brand lubricant. The Corporate Debtor admitted to the business relationship but raised disputes regarding the quality of supplied products, GST payment, and the applicability of interest. The Adjudicating Authority considered the rival contentions and documents presented.
Apar Industries Limited (Operational Creditor) filed a petition against City Oil Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 1,54,92,104/-, which included a principal amount of Rs. 1,00,15,995/- and interest calculated at 24% per annum. The default was claimed to have occurred on 13.07.2019, based on payment terms requiring payment within 45 days of delivery. The Operational Creditor supplied "Power Oil" brand lubricant to the Corporate Debtor based on purchase orders issued between May and July 2019, totaling Rs. 1,11,75,564/-, out of which the Corporate Debtor paid Rs. 11,46,634/- with the last payment on 30.11.2021. The Corporate Debtor acknowledged the debt but cited financial
…The first invoice was…
Purchase Order Number COPL/AIL/02/19-20 was…