Mr. Dalip Narinder Gupta, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. M.K. Printech Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for printing inks supplied between November 2017 and June 2018, totaling Rs. 77,21,330/-. The corporate debtor made a partial payment of Rs. 2,00,000/- on 16.04.2019, but a significant portion was allocated to older dues. The operational creditor issued a demand notice on 16.12.2019 after the corporate debtor failed to make further payments.
Mr. Dalip Narinder Gupta, operating as Gem International, supplied printing inks to M/s. M.K. Printech Private Limited between November 2017 and June 2018, totaling Rs.77,21,330/- based on 59 tax invoices. M.K. Printech made an 'on account' payment of Rs.2,00,000/- on 2019-04-16, with Rs.1,61,734/- allocated to older dues. Rs.38,266/- was applied to invoice GI1917 dated 2017-11-04. No payments were made after 2019-04-16, leaving a balance of Rs.76,83,064/-. Gem International claimed an additional Rs.25,39,575/- in interest at 18% p.a., bringing the total unpaid amount to Rs.1,02,22,639/-. Gem International maintained separate ledger statements for sales to M.K. Printech's Haryana and Delhi branches. M.K. Printech claimed a pre-existing dispute, alleging substandard
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Mr. Dalip Narinder Gupta, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. M.K. Printech Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for printing inks supplied between November 2017 and June 2018, totaling Rs. 77,21,330/-. The corporate debtor made a partial payment of Rs. 2,00,000/- on 16.04.2019, but a significant portion was allocated to older dues. The operational creditor issued a demand notice on 16.12.2019 after the corporate debtor failed to make further payments.
Mr. Dalip Narinder Gupta, operating as Gem International, supplied printing inks to M/s. M.K. Printech Private Limited between November 2017 and June 2018, totaling Rs.77,21,330/- based on 59 tax invoices. M.K. Printech made an 'on account' payment of Rs.2,00,000/- on 2019-04-16, with Rs.1,61,734/- allocated to older dues. Rs.38,266/- was applied to invoice GI1917 dated 2017-11-04. No payments were made after 2019-04-16, leaving a balance of Rs.76,83,064/-. Gem International claimed an additional Rs.25,39,575/- in interest at 18% p.a., bringing the total unpaid amount to Rs.1,02,22,639/-. Gem International maintained separate ledger statements for sales to M.K. Printech's Haryana and Delhi branches. M.K. Printech claimed a pre-existing dispute, alleging substandard
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The Applicant supplied…