M/s Paras Sales Corporation filed a company petition against M/s OC Specialities Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner alleged that the corporate debtor defaulted in making payment of Rs. 1,46,61,972/- for goods supplied. The corporate debtor denied the claim, alleging a pre-existing dispute based on bribery and substandard goods.
M/s Paras Sales Corporation (Operational Creditor) claimed that M/s OC Specialities Private Limited (Corporate Debtor) defaulted on a payment of Rs. 1,46,61,972/- for goods supplied. The Operational Creditor supplied goods to the Corporate Debtor since April 2022, raising tax-paid invoices. The Corporate Debtor made some payments but stopped after June 2022. The Corporate Debtor sent a legal notice in October 2022 alleging bribery by the Operational Creditor. The Operational Creditor denied the bribery allegations and served a demand notice in November 2022. The Corporate Debtor claimed the goods supplied were substandard and that the Operational Creditor's employees paid bribes to the Corporate Debtor's employees. The Corporate Debtor filed a police complaint against
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M/s Paras Sales Corporation filed a company petition against M/s OC Specialities Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner alleged that the corporate debtor defaulted in making payment of Rs. 1,46,61,972/- for goods supplied. The corporate debtor denied the claim, alleging a pre-existing dispute based on bribery and substandard goods.
M/s Paras Sales Corporation (Operational Creditor) claimed that M/s OC Specialities Private Limited (Corporate Debtor) defaulted on a payment of Rs. 1,46,61,972/- for goods supplied. The Operational Creditor supplied goods to the Corporate Debtor since April 2022, raising tax-paid invoices. The Corporate Debtor made some payments but stopped after June 2022. The Corporate Debtor sent a legal notice in October 2022 alleging bribery by the Operational Creditor. The Operational Creditor denied the bribery allegations and served a demand notice in November 2022. The Corporate Debtor claimed the goods supplied were substandard and that the Operational Creditor's employees paid bribes to the Corporate Debtor's employees. The Corporate Debtor filed a police complaint against
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The Corporate Debtor…