M/s Revex Plasticisers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Compaq International Private Limited, alleging default in payment of operational debt. The operational creditor claimed that the corporate debtor failed to pay an outstanding balance of Rs. 5,26,457/- despite repeated communications and a demand notice. The corporate debtor did not appear before the court despite multiple notices served through various means, including speed post and email. The Adjudicating Authority considered whether the demand notice was properly served, whether the operational debt was disputed, and whether the application was filed within the limitation period.
M/s Revex Plasticisers Private Limited (operational creditor) supplied Polyester Resin to M/s Compaq International Private Limited (corporate debtor) based on purchase orders placed via telephone and/or mail. Payments were made through RTGS/Cheque. As of 20.11.2018, an outstanding balance of Rs. 6,95,957/- was due. The operational creditor sent a legal notice via email on 20.11.2018. The corporate debtor responded on 21.11.2018, assuring clearance of the outstanding balance by 25.01.2019. Payments of Rs. 69,500/- and Rs. 1,00,000/- were made on 22.11.2018 and 23.01.2019, respectively, but the total outstanding amount was not cleared. The amount in default, as claimed in the petition, is Rs. 5,26,457/-. A demand notice was sent on 18.12.2019 via speed post on 24.12.2019
…Sign in to view the parties.
Corporate debto…
Operational creditor…
M/s Revex Plasticisers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Compaq International Private Limited, alleging default in payment of operational debt. The operational creditor claimed that the corporate debtor failed to pay an outstanding balance of Rs. 5,26,457/- despite repeated communications and a demand notice. The corporate debtor did not appear before the court despite multiple notices served through various means, including speed post and email. The Adjudicating Authority considered whether the demand notice was properly served, whether the operational debt was disputed, and whether the application was filed within the limitation period.
M/s Revex Plasticisers Private Limited (operational creditor) supplied Polyester Resin to M/s Compaq International Private Limited (corporate debtor) based on purchase orders placed via telephone and/or mail. Payments were made through RTGS/Cheque. As of 20.11.2018, an outstanding balance of Rs. 6,95,957/- was due. The operational creditor sent a legal notice via email on 20.11.2018. The corporate debtor responded on 21.11.2018, assuring clearance of the outstanding balance by 25.01.2019. Payments of Rs. 69,500/- and Rs. 1,00,000/- were made on 22.11.2018 and 23.01.2019, respectively, but the total outstanding amount was not cleared. The amount in default, as claimed in the petition, is Rs. 5,26,457/-. A demand notice was sent on 18.12.2019 via speed post on 24.12.2019
…Corporate debto…
Operational creditor…