Apar Industries Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against City Oil Private Limited, the Corporate Debtor/Respondent. The application pertains to a default in payment for the supply of "Power Oil" brand lubricant. The Operational Creditor claims a total default amount of Rs. 1,54,92,104/-, including principal and interest, arising from invoices issued between May and July 2019. The Corporate Debtor acknowledges the debt but cites financial instability as the reason for non-payment. The Corporate Debtor also alleges defects in the supplied products and disputes the applicability of GST and interest charges.
Apar Industries Limited (Operational Creditor) supplied "Power Oil" lubricant to City Oil Private Limited (Corporate Debtor) based on purchase orders issued in May and July 2019. The Operational Creditor issued invoices for the supplies between May and July 2019, totaling Rs. 1,11,75,564/-. The invoices included 18% GST and a clause for 24% interest on late payments. The Corporate Debtor made part payments totaling Rs. 11,46,634/-, with the last payment on 2021-11-30. The Operational Creditor claimed a total default of Rs. 1,54,92,104/-, including principal and interest, with the date of default being 2019-07-13. The Corporate Debtor acknowledged the debt but cited financial instability as the reason for non-payment. The Corporate Debtor also alleged defects
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Purchase Order Number COPL/AIL/02/19-20 was…
The first inv…
Apar Industries Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against City Oil Private Limited, the Corporate Debtor/Respondent. The application pertains to a default in payment for the supply of "Power Oil" brand lubricant. The Operational Creditor claims a total default amount of Rs. 1,54,92,104/-, including principal and interest, arising from invoices issued between May and July 2019. The Corporate Debtor acknowledges the debt but cites financial instability as the reason for non-payment. The Corporate Debtor also alleges defects in the supplied products and disputes the applicability of GST and interest charges.
Apar Industries Limited (Operational Creditor) supplied "Power Oil" lubricant to City Oil Private Limited (Corporate Debtor) based on purchase orders issued in May and July 2019. The Operational Creditor issued invoices for the supplies between May and July 2019, totaling Rs. 1,11,75,564/-. The invoices included 18% GST and a clause for 24% interest on late payments. The Corporate Debtor made part payments totaling Rs. 11,46,634/-, with the last payment on 2021-11-30. The Operational Creditor claimed a total default of Rs. 1,54,92,104/-, including principal and interest, with the date of default being 2019-07-13. The Corporate Debtor acknowledged the debt but cited financial instability as the reason for non-payment. The Corporate Debtor also alleged defects
…Purchase Order Number COPL/AIL/02/19-20 was…
The first inv…