The case involves an application filed by GP Petroleums Limited, the Operational Creditor (OC), against Tirumala Hills Asphalt Pvt. Ltd, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP). The OC claims that the CD defaulted in discharging a debt of Rs. 2,02,81,093/- plus interest. The relationship between the CD and the OC began in October 2021, with the OC supplying Bitumen VG 30 to the CD. The pricing was based on the market price on the invoice date. The OC raised 104 invoices to Ananthapur Division and 7 invoices to Hyderabad Division between October 2021 and July 2022. The CD made payments totaling Rs. 11,40,13,419/- until September 7, 2022, leaving Rs. 2,02,81,093/- unpaid. The CD failed to pay part of an invoice dated
…GP Petroleums Limited (Operational Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Tirumala Hills Asphalt Pvt. Ltd (Corporate Debtor) due to a default in payment of Rs. 2,02,81,093/- plus interest. The OC supplied Bitumen VG 30 to the CD starting in October 2021, with pricing based on market rates. Between October 2021 and July 2022, the OC raised 104 invoices to Ananthapur Division and 7 invoices to Hyderabad Division. The CD made payments totaling Rs. 11,40,13,419/- until September 7, 2022, leaving a balance of Rs. 2,02,81,093/-. The CD failed to pay part of the invoice dated May 31, 2022, which was due on June 15, 2022, along with subsequent invoices. The total outstanding amount, including interest at 24% per annum,
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The case involves an application filed by GP Petroleums Limited, the Operational Creditor (OC), against Tirumala Hills Asphalt Pvt. Ltd, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP). The OC claims that the CD defaulted in discharging a debt of Rs. 2,02,81,093/- plus interest. The relationship between the CD and the OC began in October 2021, with the OC supplying Bitumen VG 30 to the CD. The pricing was based on the market price on the invoice date. The OC raised 104 invoices to Ananthapur Division and 7 invoices to Hyderabad Division between October 2021 and July 2022. The CD made payments totaling Rs. 11,40,13,419/- until September 7, 2022, leaving Rs. 2,02,81,093/- unpaid. The CD failed to pay part of an invoice dated
…GP Petroleums Limited (Operational Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Tirumala Hills Asphalt Pvt. Ltd (Corporate Debtor) due to a default in payment of Rs. 2,02,81,093/- plus interest. The OC supplied Bitumen VG 30 to the CD starting in October 2021, with pricing based on market rates. Between October 2021 and July 2022, the OC raised 104 invoices to Ananthapur Division and 7 invoices to Hyderabad Division. The CD made payments totaling Rs. 11,40,13,419/- until September 7, 2022, leaving a balance of Rs. 2,02,81,093/-. The CD failed to pay part of the invoice dated May 31, 2022, which was due on June 15, 2022, along with subsequent invoices. The total outstanding amount, including interest at 24% per annum,
…The relationship…
The Operational…