The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Grasim Industries Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Madhya Bharat Papers Limited (Corporate Debtor) for non-payment of dues related to the supply of materials. The petitioner claims that the corporate debtor failed to pay for the materials supplied, leading to outstanding invoices. The respondent disputes the claim, arguing that the invoices are unauthenticated, time-barred, and that the interest claimed cannot be included to meet the threshold limit of Rs. 1 crore.
Grasim Industries Limited, the operational creditor, supplied various materials to Madhya Bharat Papers Limited, the corporate debtor, based on purchase orders. Invoices were raised for these supplies, with payment due dates specified. The petitioner claims the respondent failed to make full payments, leading to outstanding dues. The respondent made some payments, but disputes the outstanding amount, claiming the invoices are unauthenticated and time-barred. The petitioner claims a running account was maintained, while the respondent denies this. The petitioner sent a legal notice demanding payment, and the respondent allegedly confirmed the outstanding amount in a letter. The petitioner also sent a statutory notice for initiating CIRP. The respondent argues that the
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Grasim Industries Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Madhya Bharat Papers Limited (Corporate Debtor) for non-payment of dues related to the supply of materials. The petitioner claims that the corporate debtor failed to pay for the materials supplied, leading to outstanding invoices. The respondent disputes the claim, arguing that the invoices are unauthenticated, time-barred, and that the interest claimed cannot be included to meet the threshold limit of Rs. 1 crore.
Grasim Industries Limited, the operational creditor, supplied various materials to Madhya Bharat Papers Limited, the corporate debtor, based on purchase orders. Invoices were raised for these supplies, with payment due dates specified. The petitioner claims the respondent failed to make full payments, leading to outstanding dues. The respondent made some payments, but disputes the outstanding amount, claiming the invoices are unauthenticated and time-barred. The petitioner claims a running account was maintained, while the respondent denies this. The petitioner sent a legal notice demanding payment, and the respondent allegedly confirmed the outstanding amount in a letter. The petitioner also sent a statutory notice for initiating CIRP. The respondent argues that the
…First invoice date of…
Last invoice date of…
Sign in to view related legal provisions.