The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by HR Polycoats Private Limited (Operational Creditor) against Kolon Glotech India Pvt. Ltd. (Corporate Debtor) seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to make payments for supplied coated textile fabrics, leading to a total outstanding amount of Rs.1,34,44,354/-. The Corporate Debtor allegedly raised issues regarding embossing variations in the supplied materials and coerced the Operational Creditor to pay dues of a third party. Despite a demand notice and a subsequent meeting, the Corporate Debtor failed to make the payment and alleged that the supplied material was
…HR Polycoats Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kolon Glotech India Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs.1,34,44,354/-. The Corporate Debtor was regularly placing orders with the Operational Creditor from November 2019 for coated textile fabrics. The Operational Creditor supplied the goods after sample approval. Invoices were raised, but the Corporate Debtor failed to make payments. The Operational Creditor reminded the Corporate Debtor via emails dated 22.11.2021 and 23.11.2021. The Corporate Debtor allegedly coerced the Operational Creditor to pay dues of a
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Corporate Debtor…
Operational Creditor reminded the Corporate…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by HR Polycoats Private Limited (Operational Creditor) against Kolon Glotech India Pvt. Ltd. (Corporate Debtor) seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to make payments for supplied coated textile fabrics, leading to a total outstanding amount of Rs.1,34,44,354/-. The Corporate Debtor allegedly raised issues regarding embossing variations in the supplied materials and coerced the Operational Creditor to pay dues of a third party. Despite a demand notice and a subsequent meeting, the Corporate Debtor failed to make the payment and alleged that the supplied material was
…HR Polycoats Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kolon Glotech India Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs.1,34,44,354/-. The Corporate Debtor was regularly placing orders with the Operational Creditor from November 2019 for coated textile fabrics. The Operational Creditor supplied the goods after sample approval. Invoices were raised, but the Corporate Debtor failed to make payments. The Operational Creditor reminded the Corporate Debtor via emails dated 22.11.2021 and 23.11.2021. The Corporate Debtor allegedly coerced the Operational Creditor to pay dues of a
…Corporate Debtor…
Operational Creditor reminded the Corporate…