Sumilon Industries Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Savitri Polyesters Pvt. Ltd. (Corporate Debtor) for default in payment of an outstanding amount of Rs. 1,28,32,169/-. The Operational Creditor claimed to have supplied certain LAC coated metallised Polyster Film to the Corporate Debtor, for which invoices were raised and received without dispute. The Corporate Debtor contested the application, raising objections regarding authorization, false bank certificates, limitation, and the inclusion of interest in the claim. The NCLT Ahmedabad Bench considered the arguments of both parties and the material on record.
Sumilon Industries Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Savitri Polyesters Pvt. Ltd. (Corporate Debtor) for default in payment of Rs. 1,28,32,169/-. The Operational Creditor supplied LAC coated metallised Polyster Film to the Corporate Debtor, for which invoices were raised and received without dispute. The invoices were raised between 02.01.2018 and 05.12.2018, with payment terms of 30 days from the date of invoice. The Corporate Debtor failed to make payments within the agreed terms, leading to late payment charges. The Operational Creditor served a demand notice on 09.10.2021, which was delivered on 16.10.2022, but the Corporate Debtor did not reply or make any payment. The
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Sumilon Industr…
Savitri Polyest…
Sumilon Industries Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Savitri Polyesters Pvt. Ltd. (Corporate Debtor) for default in payment of an outstanding amount of Rs. 1,28,32,169/-. The Operational Creditor claimed to have supplied certain LAC coated metallised Polyster Film to the Corporate Debtor, for which invoices were raised and received without dispute. The Corporate Debtor contested the application, raising objections regarding authorization, false bank certificates, limitation, and the inclusion of interest in the claim. The NCLT Ahmedabad Bench considered the arguments of both parties and the material on record.
Sumilon Industries Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Savitri Polyesters Pvt. Ltd. (Corporate Debtor) for default in payment of Rs. 1,28,32,169/-. The Operational Creditor supplied LAC coated metallised Polyster Film to the Corporate Debtor, for which invoices were raised and received without dispute. The invoices were raised between 02.01.2018 and 05.12.2018, with payment terms of 30 days from the date of invoice. The Corporate Debtor failed to make payments within the agreed terms, leading to late payment charges. The Operational Creditor served a demand notice on 09.10.2021, which was delivered on 16.10.2022, but the Corporate Debtor did not reply or make any payment. The
…Sumilon Industr…
Savitri Polyest…