Napin Impex Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Gromor Overseas Limited for defaulting on a debt of Rs. 1,59,30,000. The applicant, an operational creditor, claimed that the corporate debtor failed to make full payment for petrochemicals and polymer raw materials supplied between 06.03.2021 and 26.07.2021, despite assurances of timely payment within 180 days of invoice raising.
Napin Impex Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Gromor Overseas Limited (Corporate Debtor) for a default of Rs. 1,59,30,000. The Operational Creditor supplied petrochemicals and polymer raw materials to the Corporate Debtor between 06.03.2021 and 26.07.2021, based on the Corporate Debtor's assurance of timely payments within 180 days of invoice raising. The Corporate Debtor made partial payments but failed to pay a substantial portion of the outstanding invoices. The Corporate Debtor argued that the Operational Creditor misrepresented the date of default as 01.12.2021 to circumvent Section 10A of the IBC, 2016, and claimed that no goods were supplied. The Operational
…Sign in to view the parties.
Operational Creditor…
Start of the period during which the…
Napin Impex Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Gromor Overseas Limited for defaulting on a debt of Rs. 1,59,30,000. The applicant, an operational creditor, claimed that the corporate debtor failed to make full payment for petrochemicals and polymer raw materials supplied between 06.03.2021 and 26.07.2021, despite assurances of timely payment within 180 days of invoice raising.
Napin Impex Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Gromor Overseas Limited (Corporate Debtor) for a default of Rs. 1,59,30,000. The Operational Creditor supplied petrochemicals and polymer raw materials to the Corporate Debtor between 06.03.2021 and 26.07.2021, based on the Corporate Debtor's assurance of timely payments within 180 days of invoice raising. The Corporate Debtor made partial payments but failed to pay a substantial portion of the outstanding invoices. The Corporate Debtor argued that the Operational Creditor misrepresented the date of default as 01.12.2021 to circumvent Section 10A of the IBC, 2016, and claimed that no goods were supplied. The Operational
…Operational Creditor…
Start of the period during which the…