The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Flourish Paper & Chemicals Limited (Operational Creditor) against M/s. Suchi Paper Mills Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied PAC (Powder) and Sizing Agent (Flopap SS-5840). The Corporate Debtor argued that the application was time-barred and that there was a pre-existing dispute regarding the quality of the supplied goods, for which they had claimed compensation.
M/s. Flourish Paper & Chemicals Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Suchi Paper Mills Limited (Corporate Debtor) for default in payment of operational debt. The Operational Creditor supplied PAC (Powder) and Sizing Agent (Flopap SS-5840) to the Corporate Debtor, raising invoices for the same. The total amount of debt claimed was Rs. 13,42,230/- as principal and Rs. 7,49,460/- as interest calculated up to 31/12/2019. The last invoice date was 02/08/2017. The Corporate Debtor made a part payment of Rs. 4,00,000/- on 07/07/2017. The Operational Creditor issued a demand notice on 02/01/2020, which was delivered on 06/01/2020. The Corporate Debtor replied to the demand notice on
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Flourish Paper & Chemicals Limited (Operational Creditor) against M/s. Suchi Paper Mills Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied PAC (Powder) and Sizing Agent (Flopap SS-5840). The Corporate Debtor argued that the application was time-barred and that there was a pre-existing dispute regarding the quality of the supplied goods, for which they had claimed compensation.
M/s. Flourish Paper & Chemicals Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Suchi Paper Mills Limited (Corporate Debtor) for default in payment of operational debt. The Operational Creditor supplied PAC (Powder) and Sizing Agent (Flopap SS-5840) to the Corporate Debtor, raising invoices for the same. The total amount of debt claimed was Rs. 13,42,230/- as principal and Rs. 7,49,460/- as interest calculated up to 31/12/2019. The last invoice date was 02/08/2017. The Corporate Debtor made a part payment of Rs. 4,00,000/- on 07/07/2017. The Operational Creditor issued a demand notice on 02/01/2020, which was delivered on 06/01/2020. The Corporate Debtor replied to the demand notice on
…The due date of payment…
The Corporate Debtor…