The case involves an application filed by ITS Tecnodue India Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against UPI Polymers Private Limited (Corporate Debtor). The Corporate Debtor is engaged in manufacturing various types of pipes and tube products. The Operational Creditor supplied goods and services to the Corporate Debtor based on purchase orders. The Corporate Debtor allegedly failed to make payments as per the invoices, leading to a demand notice from the Operational Creditor. The Corporate Debtor disputed the claim, citing pre-existing disputes and mismanagement by a former director, Mr. M.V. Bhushanam.
ITS Tecnodue India Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against UPI Polymers Private Limited (Corporate Debtor). The Corporate Debtor is in the business of manufacturing pipes and tube products. The Operational Creditor supplied goods and services to the Corporate Debtor based on purchase orders. The Corporate Debtor failed to make payments as per the invoices, resulting in an outstanding amount of Rs.1,93,44,700/-. The Operational Creditor issued a demand notice, but the Corporate Debtor replied stating that there was no due. The Corporate Debtor raised objections, claiming a pre-existing dispute related to mismanagement by Mr. M.V.
…Sign in to view the parties.
Payments were…
MoU stated that the remuneration of the…
The case involves an application filed by ITS Tecnodue India Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against UPI Polymers Private Limited (Corporate Debtor). The Corporate Debtor is engaged in manufacturing various types of pipes and tube products. The Operational Creditor supplied goods and services to the Corporate Debtor based on purchase orders. The Corporate Debtor allegedly failed to make payments as per the invoices, leading to a demand notice from the Operational Creditor. The Corporate Debtor disputed the claim, citing pre-existing disputes and mismanagement by a former director, Mr. M.V. Bhushanam.
ITS Tecnodue India Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against UPI Polymers Private Limited (Corporate Debtor). The Corporate Debtor is in the business of manufacturing pipes and tube products. The Operational Creditor supplied goods and services to the Corporate Debtor based on purchase orders. The Corporate Debtor failed to make payments as per the invoices, resulting in an outstanding amount of Rs.1,93,44,700/-. The Operational Creditor issued a demand notice, but the Corporate Debtor replied stating that there was no due. The Corporate Debtor raised objections, claiming a pre-existing dispute related to mismanagement by Mr. M.V.
…Payments were…
MoU stated that the remuneration of the…