The case pertains to a Company Petition (CP(IB) 319 of 2018) filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by Agrawal Poly Plast Private Limited (Operational Creditor) against Star Lamipacks Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs. 81,59,742/-. The application was initially dismissed on 20.03.2020 due to being time-barred. However, the NCLAT set aside this order on 09.03.2022 and directed the Adjudicating Authority to revive the matter. The applicant supplied polyethylene packing film to the respondent from 2010 to 2011, raising invoices with a 2% interest clause for late payments. The respondent made some payments, with the last payment on
…Agrawal Poly Plast Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Star Lamipacks Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 81,59,742/-. The Operational Creditor supplied flexible plain plastic film to the Corporate Debtor from 2010 to 2011. Invoices were raised with a clause imposing 2% monthly interest on non-payment within 30 days. The Corporate Debtor made partial payments, with the last payment of Rs. 2,00,000/- on 09.07.2014. A demand notice dated 03.03.2018 was served on the Corporate Debtor. The Corporate Debtor acknowledged the debt in statements of accounts until
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Agrawal Poly Plast…
The Adjudicating…
The case pertains to a Company Petition (CP(IB) 319 of 2018) filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by Agrawal Poly Plast Private Limited (Operational Creditor) against Star Lamipacks Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs. 81,59,742/-. The application was initially dismissed on 20.03.2020 due to being time-barred. However, the NCLAT set aside this order on 09.03.2022 and directed the Adjudicating Authority to revive the matter. The applicant supplied polyethylene packing film to the respondent from 2010 to 2011, raising invoices with a 2% interest clause for late payments. The respondent made some payments, with the last payment on
…Agrawal Poly Plast Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Star Lamipacks Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 81,59,742/-. The Operational Creditor supplied flexible plain plastic film to the Corporate Debtor from 2010 to 2011. Invoices were raised with a clause imposing 2% monthly interest on non-payment within 30 days. The Corporate Debtor made partial payments, with the last payment of Rs. 2,00,000/- on 09.07.2014. A demand notice dated 03.03.2018 was served on the Corporate Debtor. The Corporate Debtor acknowledged the debt in statements of accounts until
…Agrawal Poly Plast…
The Adjudicating…