The case involves an application filed by Napin Impex Limited, an operational creditor, against Kirtiman Cements & Packaging Industries Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Napin Impex Limited claimed that Kirtiman Cements & Packaging Industries Limited defaulted on payments for polymer raw materials supplied between 2017 and 2019. The corporate debtor contested the maintainability of the petition, arguing that Napin Impex Limited was acting as an agent for ONGC Petro Additions Limited (OPAL) and could not independently claim operational debt. The corporate debtor also raised issues regarding the threshold limit of the debt and the
…Napin Impex Limited (the Petitioner) filed an application against Kirtiman Cements & Packaging Industries Limited (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Petitioner, acting as an agent of ONGC Petro Additions Limited (OPAL), supplied polymer raw materials to the Corporate Debtor between September 21, 2017, and October 4, 2019. The Corporate Debtor accepted and utilized the supplied goods but failed to pay a substantial portion of the outstanding invoices. As of October 25, 2019, the total principal sum due was Rs. 1,05,07,692, along with interest at 27% per annum. The date of default was mentioned as October 4, 2019, when the last unpaid invoice was raised. The Corporate Debtor admitted a sum of Rs. 1,11,71,649 was
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Napin Impex Limited supplied polymer raw…
The date of default is mentioned as 04.10.2019,…
The case involves an application filed by Napin Impex Limited, an operational creditor, against Kirtiman Cements & Packaging Industries Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Napin Impex Limited claimed that Kirtiman Cements & Packaging Industries Limited defaulted on payments for polymer raw materials supplied between 2017 and 2019. The corporate debtor contested the maintainability of the petition, arguing that Napin Impex Limited was acting as an agent for ONGC Petro Additions Limited (OPAL) and could not independently claim operational debt. The corporate debtor also raised issues regarding the threshold limit of the debt and the
…Napin Impex Limited (the Petitioner) filed an application against Kirtiman Cements & Packaging Industries Limited (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Petitioner, acting as an agent of ONGC Petro Additions Limited (OPAL), supplied polymer raw materials to the Corporate Debtor between September 21, 2017, and October 4, 2019. The Corporate Debtor accepted and utilized the supplied goods but failed to pay a substantial portion of the outstanding invoices. As of October 25, 2019, the total principal sum due was Rs. 1,05,07,692, along with interest at 27% per annum. The date of default was mentioned as October 4, 2019, when the last unpaid invoice was raised. The Corporate Debtor admitted a sum of Rs. 1,11,71,649 was
…Napin Impex Limited supplied polymer raw…
The date of default is mentioned as 04.10.2019,…