The application was filed on 2022-07-04 under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Lubrizol Advanced Materials, INC., Brecksville USA, the Applicant/Operational Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against MIKU Polymers & Plastics Ltd., the Respondent/Corporate Debtor. The application was based on the ground that the Respondent/Corporate Debtor defaulted in paying the operational debt of Rs.1,80,52,062.33 due and payable as on 2022-04-25. The Respondent/Corporate Debtor was incorporated on 2019-03-01 under the Companies Act, 2013.
Lubrizol Advanced Materials, INC., Brecksville USA (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MIKU Polymers & Plastics Ltd. (Corporate Debtor). The application was based on the Corporate Debtor's default in paying an operational debt of Rs.1,80,52,062.33, which was due as of 2022-04-25. The Corporate Debtor was incorporated on 2019-03-01. A Distributorship Agreement existed between the parties, dated 2019-07-15. The Corporate Debtor placed purchase orders in 2021, and goods were supplied and accepted. The Corporate Debtor also had business dealings with other Lubrizol entities. The Corporate Debtor defaulted on payments, despite
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Execution of Distributorship Agreement…
Respondent/Corporate…
The application was filed on 2022-07-04 under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Lubrizol Advanced Materials, INC., Brecksville USA, the Applicant/Operational Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against MIKU Polymers & Plastics Ltd., the Respondent/Corporate Debtor. The application was based on the ground that the Respondent/Corporate Debtor defaulted in paying the operational debt of Rs.1,80,52,062.33 due and payable as on 2022-04-25. The Respondent/Corporate Debtor was incorporated on 2019-03-01 under the Companies Act, 2013.
Lubrizol Advanced Materials, INC., Brecksville USA (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MIKU Polymers & Plastics Ltd. (Corporate Debtor). The application was based on the Corporate Debtor's default in paying an operational debt of Rs.1,80,52,062.33, which was due as of 2022-04-25. The Corporate Debtor was incorporated on 2019-03-01. A Distributorship Agreement existed between the parties, dated 2019-07-15. The Corporate Debtor placed purchase orders in 2021, and goods were supplied and accepted. The Corporate Debtor also had business dealings with other Lubrizol entities. The Corporate Debtor defaulted on payments, despite
…Execution of Distributorship Agreement…
Respondent/Corporate…