Mittal Polymers, the Operational Creditor (OC), filed a Company Petition (C.P. (IB) No. 95/MB/2022) on 20.02.2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Suvarna Additives Private Limited, the Corporate Debtor (CD). The alleged default amount was Rs. 2,33,10,961/-, including principal and compound interest, based on unpaid invoices issued between 2015 and 2019. The date of default was mentioned as 16.09.2019, when the CD stopped making payments towards invoice dated 02.05.2019.
Mittal Polymers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Suvarna Additives Private Limited (Corporate Debtor). The alleged default amount was Rs. 2,33,10,961/-, comprising principal (Rs. 1,12,46,443/-) and compound interest (Rs. 1,20,64,518/- as of 01.11.2019). The claim was based on unpaid invoices for raw materials supplied by Mittal Polymers to Suvarna Additives between 2015 and 2019. The date of default was 16.09.2019, when Suvarna Additives stopped payments towards invoice dated 02.05.2019. Mittal Polymers issued a demand notice on 15.11.2019. Suvarna Additives made a part-payment of Rs. 50,000 after the demand notice. The OC is a
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Company Petition (C.P. (IB) No. 95/MB/2022)…
Date on which the Corporate Debtor stopped…
Mittal Polymers, the Operational Creditor (OC), filed a Company Petition (C.P. (IB) No. 95/MB/2022) on 20.02.2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Suvarna Additives Private Limited, the Corporate Debtor (CD). The alleged default amount was Rs. 2,33,10,961/-, including principal and compound interest, based on unpaid invoices issued between 2015 and 2019. The date of default was mentioned as 16.09.2019, when the CD stopped making payments towards invoice dated 02.05.2019.
Mittal Polymers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Suvarna Additives Private Limited (Corporate Debtor). The alleged default amount was Rs. 2,33,10,961/-, comprising principal (Rs. 1,12,46,443/-) and compound interest (Rs. 1,20,64,518/- as of 01.11.2019). The claim was based on unpaid invoices for raw materials supplied by Mittal Polymers to Suvarna Additives between 2015 and 2019. The date of default was 16.09.2019, when Suvarna Additives stopped payments towards invoice dated 02.05.2019. Mittal Polymers issued a demand notice on 15.11.2019. Suvarna Additives made a part-payment of Rs. 50,000 after the demand notice. The OC is a
…Company Petition (C.P. (IB) No. 95/MB/2022)…
Date on which the Corporate Debtor stopped…