The case involves an application filed by HR Polycoats Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Kolon Glotech India Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to make payments for supplied coated textile fabrics, with the total outstanding amount being Rs. 1,34,44,354/-. The Corporate Debtor allegedly placed regular orders from November 2019, and the Operational Creditor supplied the goods after sample approval. Despite raising invoices, the Corporate Debtor failed to make payments. The Operational Creditor reminded the Corporate Debtor via emails in November 2021, but
…HR Polycoats Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kolon Glotech India Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 1,34,44,354/- for supplying coated textile fabrics to the Corporate Debtor. The Corporate Debtor regularly placed orders from November 2019, and the Operational Creditor supplied goods after sample approval. Invoices were raised, but the Corporate Debtor failed to make payments. The Operational Creditor reminded the Corporate Debtor via emails in November 2021, but the Corporate Debtor allegedly coerced the Operational Creditor to pay a third party first.
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Corporate Debtor…
Operational Creditor sent emails reminding the…
The case involves an application filed by HR Polycoats Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Kolon Glotech India Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to make payments for supplied coated textile fabrics, with the total outstanding amount being Rs. 1,34,44,354/-. The Corporate Debtor allegedly placed regular orders from November 2019, and the Operational Creditor supplied the goods after sample approval. Despite raising invoices, the Corporate Debtor failed to make payments. The Operational Creditor reminded the Corporate Debtor via emails in November 2021, but
…HR Polycoats Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kolon Glotech India Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 1,34,44,354/- for supplying coated textile fabrics to the Corporate Debtor. The Corporate Debtor regularly placed orders from November 2019, and the Operational Creditor supplied goods after sample approval. Invoices were raised, but the Corporate Debtor failed to make payments. The Operational Creditor reminded the Corporate Debtor via emails in November 2021, but the Corporate Debtor allegedly coerced the Operational Creditor to pay a third party first.
…Corporate Debtor…
Operational Creditor sent emails reminding the…