Stella Industries Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Life Essentials Personal Care Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed a default amount of Rs. 45,72,479.45/-, including interest. The corporate debtor contested the petition, alleging false entries in the ledger account and raising debit notes for inferior quality goods and excise duty evasion. The Adjudicating Authority examined the facts, submissions, and documents presented by both parties.
Stella Industries Limited (Operational Creditor) supplied goods to Life Essentials Personal Care Private Limited (Corporate Debtor) as per invoices. The payment terms stipulated 30% payment upon delivery and the remaining amount via post-dated cheques within 45 days. The Corporate Debtor defaulted on payments, leading to a claimed default of Rs. 45,72,479.45/-, including Rs. 11,31,314.45 in interest. The default occurred on 30.11.2016, the date of the last invoice (Rs. 13,61,189/-), with 30% due on the same date and 70% on 15.01.2017. The Operational Creditor issued a demand notice on 29.12.2018, which was delivered to the Corporate Debtor via registered post. The Corporate Debtor filed a reply stating false entries in the ledger account between 01.04.2014 and
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Life Essentials…
Default occurred on the…
Stella Industries Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Life Essentials Personal Care Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed a default amount of Rs. 45,72,479.45/-, including interest. The corporate debtor contested the petition, alleging false entries in the ledger account and raising debit notes for inferior quality goods and excise duty evasion. The Adjudicating Authority examined the facts, submissions, and documents presented by both parties.
Stella Industries Limited (Operational Creditor) supplied goods to Life Essentials Personal Care Private Limited (Corporate Debtor) as per invoices. The payment terms stipulated 30% payment upon delivery and the remaining amount via post-dated cheques within 45 days. The Corporate Debtor defaulted on payments, leading to a claimed default of Rs. 45,72,479.45/-, including Rs. 11,31,314.45 in interest. The default occurred on 30.11.2016, the date of the last invoice (Rs. 13,61,189/-), with 30% due on the same date and 70% on 15.01.2017. The Operational Creditor issued a demand notice on 29.12.2018, which was delivered to the Corporate Debtor via registered post. The Corporate Debtor filed a reply stating false entries in the ledger account between 01.04.2014 and
…Life Essentials…
Default occurred on the…