Dyno Inks, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sonal Adhesive Ltd., the Corporate Debtor (CD). The OC claimed that the CD had an outstanding debt of Rs. 5,67,697, plus interest of Rs. 4,51,700, totaling Rs. 10,19,397, for the supply of printing inks. The CD, however, contested the claim, asserting that the materials supplied by the OC were of inferior quality and were rejected by its clients. The CD also claimed that the petition was time-barred.
Dyno Inks (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sonal Adhesive Ltd. (Corporate Debtor). Dyno Inks claimed an outstanding debt of Rs. 5,67,697 plus interest of Rs. 4,51,700, totaling Rs. 10,19,397, for supplying printing inks. Sonal Adhesive Ltd. argued that the materials were of inferior quality and rejected by its clients. Purchase orders were issued between 16.05.2015 and 19.11.2015. The Corporate Debtor made payments totaling Rs. 17,70,859, leaving an outstanding balance. The Operational Creditor issued 14 invoices from 23.05.2015 to 30.12.2015. Dyno Inks issued a notice under Section 8 of the Code demanding payment, calculating
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Sonal Adhesive…
CD issued purchase orders between 16.05.2015…
Dyno Inks, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sonal Adhesive Ltd., the Corporate Debtor (CD). The OC claimed that the CD had an outstanding debt of Rs. 5,67,697, plus interest of Rs. 4,51,700, totaling Rs. 10,19,397, for the supply of printing inks. The CD, however, contested the claim, asserting that the materials supplied by the OC were of inferior quality and were rejected by its clients. The CD also claimed that the petition was time-barred.
Dyno Inks (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sonal Adhesive Ltd. (Corporate Debtor). Dyno Inks claimed an outstanding debt of Rs. 5,67,697 plus interest of Rs. 4,51,700, totaling Rs. 10,19,397, for supplying printing inks. Sonal Adhesive Ltd. argued that the materials were of inferior quality and rejected by its clients. Purchase orders were issued between 16.05.2015 and 19.11.2015. The Corporate Debtor made payments totaling Rs. 17,70,859, leaving an outstanding balance. The Operational Creditor issued 14 invoices from 23.05.2015 to 30.12.2015. Dyno Inks issued a notice under Section 8 of the Code demanding payment, calculating
…Sonal Adhesive…
CD issued purchase orders between 16.05.2015…