The case involves an application filed by Yug International Private Limited (Operational Creditor) against Optus Laminates Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of outstanding dues amounting to Rs. 1,49,74,385/-. The Applicant claimed to be a regular supplier of chemical products to the Respondent, with both parties maintaining a running account for their transactions. The Respondent had made payments periodically through various means. After the Respondent failed to make payment of Rs. 99,18,717/-, the Applicant issued a demand notice. Subsequently, the Respondent made a partial payment and issued post-dated
…Yug International Private Limited (Applicant) supplied chemical products to Optus Laminates Private Limited (Respondent) and maintained a running account. As of 01.04.2017, the Respondent's opening balance was Rs.1,71,16,856/-. Transactions between 01.04.2017 and 31.03.2018 resulted in a total payable amount of Rs.4,06,52,207/-, against which the Respondent paid Rs.2,81,69,090/-. The Respondent confirmed accounts showing Rs.1,24,83,117/- outstanding as of 01.04.2018. Additional business worth Rs.1,86,01,846/- occurred between 01.04.2018 and 01.03.2019, with the Respondent paying Rs.2,11,66,246/-. Another confirmation showed Rs.99,18,717/- payable as of 01.03.2019. The Respondent failed to pay Rs.99,18,717/-, leading the Applicant to issue a demand notice on 03.04.2019
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Applicant issued demand…
Respondent…
The case involves an application filed by Yug International Private Limited (Operational Creditor) against Optus Laminates Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of outstanding dues amounting to Rs. 1,49,74,385/-. The Applicant claimed to be a regular supplier of chemical products to the Respondent, with both parties maintaining a running account for their transactions. The Respondent had made payments periodically through various means. After the Respondent failed to make payment of Rs. 99,18,717/-, the Applicant issued a demand notice. Subsequently, the Respondent made a partial payment and issued post-dated
…Yug International Private Limited (Applicant) supplied chemical products to Optus Laminates Private Limited (Respondent) and maintained a running account. As of 01.04.2017, the Respondent's opening balance was Rs.1,71,16,856/-. Transactions between 01.04.2017 and 31.03.2018 resulted in a total payable amount of Rs.4,06,52,207/-, against which the Respondent paid Rs.2,81,69,090/-. The Respondent confirmed accounts showing Rs.1,24,83,117/- outstanding as of 01.04.2018. Additional business worth Rs.1,86,01,846/- occurred between 01.04.2018 and 01.03.2019, with the Respondent paying Rs.2,11,66,246/-. Another confirmation showed Rs.99,18,717/- payable as of 01.03.2019. The Respondent failed to pay Rs.99,18,717/-, leading the Applicant to issue a demand notice on 03.04.2019
…Applicant issued demand…
Respondent…