The Operational Creditor, M/s Orson Chemicals, filed an application under Section 9 of the IBC to initiate CIRP against the Corporate Debtor, Creative Quartz LLP, due to unpaid operational debt amounting to Rs. 1,33,24,490/-. The Corporate Debtor contested the application, claiming the existence of a pre-existing dispute and incomplete documentation.
M/s Orson Chemicals (now Orson Resins and Coatings Private Limited) supplied 'Unsaturated Polyester Resins' to Creative Quartz LLP from November 2016 to August 2017.
The operational debt claimed by Orson Chemicals was Rs. 1,33,24,490/-, including principal and interest.
The date of default was stated as 16.02.2019.
A settlement agreement was entered into on 13.03.2018, wherein the Corporate Debtor agreed to pay Rs. 1,10,36,198/-.
The Corporate Debtor failed to adhere to the terms of the settlement agreement.
The Operational Creditor issued a Demand Notice dated 06.01.2020 under Section 8 of the IBC.
The Corporate Debtor claimed to have made a cash payment of Rs. 44 Lakhs, which the Operational Creditor denied.
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Operational Creditor…
The Learned T…
The Operational Creditor, M/s Orson Chemicals, filed an application under Section 9 of the IBC to initiate CIRP against the Corporate Debtor, Creative Quartz LLP, due to unpaid operational debt amounting to Rs. 1,33,24,490/-. The Corporate Debtor contested the application, claiming the existence of a pre-existing dispute and incomplete documentation.
M/s Orson Chemicals (now Orson Resins and Coatings Private Limited) supplied 'Unsaturated Polyester Resins' to Creative Quartz LLP from November 2016 to August 2017.
The operational debt claimed by Orson Chemicals was Rs. 1,33,24,490/-, including principal and interest.
The date of default was stated as 16.02.2019.
A settlement agreement was entered into on 13.03.2018, wherein the Corporate Debtor agreed to pay Rs. 1,10,36,198/-.
The Corporate Debtor failed to adhere to the terms of the settlement agreement.
The Operational Creditor issued a Demand Notice dated 06.01.2020 under Section 8 of the IBC.
The Corporate Debtor claimed to have made a cash payment of Rs. 44 Lakhs, which the Operational Creditor denied.
…Operational Creditor…
The Learned T…