The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Prayag Polytech Private Limited (Operational Creditor) against Vinay Wire and Poly Products Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to default in payment of Rs. 37,10,654/- plus interest. The Operational Creditor claimed to have supplied master batches to the Corporate Debtor, with outstanding invoices dating back to 2018. The Corporate Debtor contested the application, citing disputes over the quality of goods and the absence of purchase orders. The Corporate Debtor also claimed to have made partial payments after receiving a demand notice.
Prayag Polytech Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Vinay Wire and Poly Products Private Limited (Corporate Debtor) for default in payment of Rs. 37,10,654/- plus interest. The Operational Creditor claimed to have supplied master batches to the Corporate Debtor since 1996, with three invoices from 2018 remaining unpaid. The Corporate Debtor made partial payments of Rs. 7,00,000/- after receiving a demand notice dated 15.05.2019, leaving an outstanding amount of Rs. 32,64,655/-. The Corporate Debtor contested the application, claiming a dispute over the quality of goods and the absence of purchase orders. The Corporate Debtor alleged that the goods supplied were defective and
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The Applicant/Operationa…
In 2018, the Applicant/Operational Creditor…
The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Prayag Polytech Private Limited (Operational Creditor) against Vinay Wire and Poly Products Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to default in payment of Rs. 37,10,654/- plus interest. The Operational Creditor claimed to have supplied master batches to the Corporate Debtor, with outstanding invoices dating back to 2018. The Corporate Debtor contested the application, citing disputes over the quality of goods and the absence of purchase orders. The Corporate Debtor also claimed to have made partial payments after receiving a demand notice.
Prayag Polytech Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Vinay Wire and Poly Products Private Limited (Corporate Debtor) for default in payment of Rs. 37,10,654/- plus interest. The Operational Creditor claimed to have supplied master batches to the Corporate Debtor since 1996, with three invoices from 2018 remaining unpaid. The Corporate Debtor made partial payments of Rs. 7,00,000/- after receiving a demand notice dated 15.05.2019, leaving an outstanding amount of Rs. 32,64,655/-. The Corporate Debtor contested the application, claiming a dispute over the quality of goods and the absence of purchase orders. The Corporate Debtor alleged that the goods supplied were defective and
…The Applicant/Operationa…
In 2018, the Applicant/Operational Creditor…