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 the Corporate Insolvency Resolution Process (CIRP) against UPI Polymers Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor failed to make payments for goods and services provided, leading to an outstanding amount of Rs.1,93,44,700/-. The Corporate Debtor contested the application, raising objections regarding the completeness of the petition, pre-existing disputes, and the liability of 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 CIRP against UPI Polymers Private Limited (Corporate Debtor) for non-payment of dues amounting to Rs.1,93,44,700/-. 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 never made payments as per the invoices, only on an ad hoc basis. The Corporate Debtor raised objections, claiming the petition was incomplete, there was a pre-existing dispute related to mismanagement by Mr.M.V.Bhushanam (former director), and the debt was not due. Mr.M.V.Bhushanam was allegedly
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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 the Corporate Insolvency Resolution Process (CIRP) against UPI Polymers Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor failed to make payments for goods and services provided, leading to an outstanding amount of Rs.1,93,44,700/-. The Corporate Debtor contested the application, raising objections regarding the completeness of the petition, pre-existing disputes, and the liability of 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 CIRP against UPI Polymers Private Limited (Corporate Debtor) for non-payment of dues amounting to Rs.1,93,44,700/-. 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 never made payments as per the invoices, only on an ad hoc basis. The Corporate Debtor raised objections, claiming the petition was incomplete, there was a pre-existing dispute related to mismanagement by Mr.M.V.Bhushanam (former director), and the debt was not due. Mr.M.V.Bhushanam was allegedly
…Day-to-day operations entrusted to…
Agreement that the remuneration of the…