Hubergroup India Pvt. Ltd., the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Jalaram Flexo Laminates Ltd., the Corporate Debtor, for defaulting on payments. The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of Rs. 1,17,65,049/- plus interest at 24% p.a. for goods sold, supplied, and delivered. The Corporate Debtor, however, contested the petition, claiming a pre-existing dispute regarding rate differences and quality issues.
Hubergroup India Pvt. Ltd. (Operational Creditor) filed a petition against Jalaram Flexo Laminates Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default in payment. The Operational Creditor had sold and delivered printing inks to the Corporate Debtor, with outstanding sales amounting to Rs. 1,07,87,937/- and overdue interest of Rs. 9,67,723/-, plus pending Sales Tax Forms 'C' Liability of Rs. 9,389/-. The Operational Creditor sent a demand notice dated 08.02.2018, which was received by the Corporate Debtor on 19.02.2018. The Corporate Debtor replied on 22.02.2018, denying liability and claiming a rate difference and quality problem, alleging that the Operational Creditor's salesperson had assured a discount. The
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The Operational Creditor sent a Demand…
The Demand Notice was…
Hubergroup India Pvt. Ltd., the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Jalaram Flexo Laminates Ltd., the Corporate Debtor, for defaulting on payments. The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of Rs. 1,17,65,049/- plus interest at 24% p.a. for goods sold, supplied, and delivered. The Corporate Debtor, however, contested the petition, claiming a pre-existing dispute regarding rate differences and quality issues.
Hubergroup India Pvt. Ltd. (Operational Creditor) filed a petition against Jalaram Flexo Laminates Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default in payment. The Operational Creditor had sold and delivered printing inks to the Corporate Debtor, with outstanding sales amounting to Rs. 1,07,87,937/- and overdue interest of Rs. 9,67,723/-, plus pending Sales Tax Forms 'C' Liability of Rs. 9,389/-. The Operational Creditor sent a demand notice dated 08.02.2018, which was received by the Corporate Debtor on 19.02.2018. The Corporate Debtor replied on 22.02.2018, denying liability and claiming a rate difference and quality problem, alleging that the Operational Creditor's salesperson had assured a discount. The
…The Operational Creditor sent a Demand…
The Demand Notice was…