Kushal Polysacks Pvt. Ltd., the Operational Creditor/Applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Samarth Fablons Private Limited, the Corporate Debtor, due to a total default of INR 18,26,33,734/-.
Kushal Polysacks Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against Samarth Fablons Private Limited (Corporate Debtor).
The total default amount claimed is INR 18,26,33,734/- as on 31.03.2023.
Kushal Polysacks is the Del Credere Agent (DCA) of Indian Oil Corporation Limited (IOCL).
Samarth Fablons purchased goods/polymer granules from IOCL, tagging Kushal Polysacks as their DCA.
IOCL raised invoices upon Samarth Fablons with a copy marked to Kushal Polysacks.
Samarth Fablons allegedly failed to pay the outstanding dues, leading to the initiation of CIRP.
The Corporate Debtor (CD) raised objections regarding the maintainability of the petition, claiming a lack of valid authorization and pre-existing disputes, including family disputes.
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Date of pronou…
C.P.(IB)/14(KB)/2024 to…
Kushal Polysacks Pvt. Ltd., the Operational Creditor/Applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Samarth Fablons Private Limited, the Corporate Debtor, due to a total default of INR 18,26,33,734/-.
Kushal Polysacks Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against Samarth Fablons Private Limited (Corporate Debtor).
The total default amount claimed is INR 18,26,33,734/- as on 31.03.2023.
Kushal Polysacks is the Del Credere Agent (DCA) of Indian Oil Corporation Limited (IOCL).
Samarth Fablons purchased goods/polymer granules from IOCL, tagging Kushal Polysacks as their DCA.
IOCL raised invoices upon Samarth Fablons with a copy marked to Kushal Polysacks.
Samarth Fablons allegedly failed to pay the outstanding dues, leading to the initiation of CIRP.
The Corporate Debtor (CD) raised objections regarding the maintainability of the petition, claiming a lack of valid authorization and pre-existing disputes, including family disputes.
…Date of pronou…
C.P.(IB)/14(KB)/2024 to…