The case involves a petition filed by 3M India Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against MPS Car Care & Services Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 1,44,23,432.48. The Corporate Debtor opposed the admission of the petition, claiming a dispute existed because the Operational Creditor allegedly failed to remit VAT payments to the department and that the Corporate Debtor had made payments of Rs. 21,00,000/- despite the defaults committed by the Operational Creditor. The Operational Creditor contended that a demand notice was issued to the Corporate Debtor, which went unanswered.
3M India Limited, the Operational Creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MPS Car Care & Services Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's failure to pay an outstanding amount of Rs. 1,44,23,432.48. The Corporate Debtor filed an affidavit in reply, claiming that a dispute existed because the Operational Creditor had failed to remit VAT payments to the department. The Corporate Debtor also claimed to have made payments of Rs. 21,00,000/- despite the Operational Creditor's defaults. The Operational Creditor pointed out that the Corporate Debtor had admitted to the invoices and the default in their
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The case involves a petition filed by 3M India Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against MPS Car Care & Services Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 1,44,23,432.48. The Corporate Debtor opposed the admission of the petition, claiming a dispute existed because the Operational Creditor allegedly failed to remit VAT payments to the department and that the Corporate Debtor had made payments of Rs. 21,00,000/- despite the defaults committed by the Operational Creditor. The Operational Creditor contended that a demand notice was issued to the Corporate Debtor, which went unanswered.
3M India Limited, the Operational Creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MPS Car Care & Services Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's failure to pay an outstanding amount of Rs. 1,44,23,432.48. The Corporate Debtor filed an affidavit in reply, claiming that a dispute existed because the Operational Creditor had failed to remit VAT payments to the department. The Corporate Debtor also claimed to have made payments of Rs. 21,00,000/- despite the Operational Creditor's defaults. The Operational Creditor pointed out that the Corporate Debtor had admitted to the invoices and the default in their
…Operational Creditor…
The company petition…
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