M/s Revex Plasticisers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Compaq International Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP) due to an unpaid operational debt. The operational creditor claimed that the corporate debtor failed to pay an outstanding balance of Rs. 5,26,457/- despite supplying Polyester Resin and sending a demand notice. The corporate debtor had initially assured payment but failed to clear the total outstanding amount.
M/s Revex Plasticisers Private Limited (operational creditor) supplied Polyester Resin to M/s Compaq International Private Limited (corporate debtor) based on purchase orders. Payments were made via RTGS/Cheque. As of 2018-11-20, the outstanding balance was Rs. 6,95,957/-. A legal notice was sent on 2018-11-20. The corporate debtor assured payment by 2019-01-25, but only paid Rs. 69,500/- on 2018-11-22 and Rs. 1,00,000/- on 2019-01-23, leaving a default of Rs. 5,26,457/-. A demand notice was issued on 2019-12-18 and served on 2019-12-26. The petition was filed on 2020-02-19. The corporate debtor did not dispute the debt or respond to the demand notice. The corporate debtor also did not appear before the court. The date of default is considered to be 2019-01-25, when
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M/s Revex Plasticisers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Compaq International Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP) due to an unpaid operational debt. The operational creditor claimed that the corporate debtor failed to pay an outstanding balance of Rs. 5,26,457/- despite supplying Polyester Resin and sending a demand notice. The corporate debtor had initially assured payment but failed to clear the total outstanding amount.
M/s Revex Plasticisers Private Limited (operational creditor) supplied Polyester Resin to M/s Compaq International Private Limited (corporate debtor) based on purchase orders. Payments were made via RTGS/Cheque. As of 2018-11-20, the outstanding balance was Rs. 6,95,957/-. A legal notice was sent on 2018-11-20. The corporate debtor assured payment by 2019-01-25, but only paid Rs. 69,500/- on 2018-11-22 and Rs. 1,00,000/- on 2019-01-23, leaving a default of Rs. 5,26,457/-. A demand notice was issued on 2019-12-18 and served on 2019-12-26. The petition was filed on 2020-02-19. The corporate debtor did not dispute the debt or respond to the demand notice. The corporate debtor also did not appear before the court. The date of default is considered to be 2019-01-25, when
…Corporate debto…
Operational creditor…