M/s.Chevuri Enterprises, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Sindhura Paper Private Limited, the Corporate Debtor. The Operational Creditor alleged that the Corporate Debtor defaulted in payment of Rs. 3,60,11,075/- for goods supplied. The Corporate Debtor denied the averments, claiming excess payments and raising concerns about the Operational Creditor's accounting practices and relationship with M/s. Vaishnavi Impex.
M/s. Chevuri Enterprises (Operational Creditor) supplied waste paper and old newspapers to M/s. Sindhura Paper Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on payments amounting to Rs. 3,60,11,075/- for invoices raised between 14.11.2017 and 30.11.2019. The Operational Creditor issued a demand notice on 16.03.2020, which went unanswered. The Corporate Debtor claimed to have made payments totaling Rs. 13,63,22,059/- between 01.04.2017 and 31.03.2020, resulting in an excess balance in their favor. The Corporate Debtor also alleged that their accounts were erroneously clubbed with M/s. Vaishnavi Impex, which shares the same Managing Director as the Corporate Debtor. The Operational Creditor refuted these claims, stating that the Corporate
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M/s.Chevuri Enterprises, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Sindhura Paper Private Limited, the Corporate Debtor. The Operational Creditor alleged that the Corporate Debtor defaulted in payment of Rs. 3,60,11,075/- for goods supplied. The Corporate Debtor denied the averments, claiming excess payments and raising concerns about the Operational Creditor's accounting practices and relationship with M/s. Vaishnavi Impex.
M/s. Chevuri Enterprises (Operational Creditor) supplied waste paper and old newspapers to M/s. Sindhura Paper Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on payments amounting to Rs. 3,60,11,075/- for invoices raised between 14.11.2017 and 30.11.2019. The Operational Creditor issued a demand notice on 16.03.2020, which went unanswered. The Corporate Debtor claimed to have made payments totaling Rs. 13,63,22,059/- between 01.04.2017 and 31.03.2020, resulting in an excess balance in their favor. The Corporate Debtor also alleged that their accounts were erroneously clubbed with M/s. Vaishnavi Impex, which shares the same Managing Director as the Corporate Debtor. The Operational Creditor refuted these claims, stating that the Corporate
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