Polymet SA (S) Pte. Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shree Tel Fab Industries Private Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed default in payment for goods supplied.
The Operational Creditor supplied LDPE and HDPE products to the Corporate Debtor.
The Corporate Debtor acknowledged the principal liability in multiple communications.
The Corporate Debtor executed a Terms of Settlement dated 28.08.2021, admitting its liability to pay USD 1,72,000 in seven installments.
The Corporate Debtor defaulted in payment of the first installment under the Terms of Settlement.
The Operational Creditor issued a demand notice under Section 8 of the Code dated 22.09.2020.
The Corporate Debtor claimed the debt was barred by limitation and alleged forgery of documents.
The Operational Creditor filed a restoration application, which was allowed by order dated 24.09.2024.
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The Operational Creditor advised its bankers…
The Corporate Debtor informed the Operational…
Polymet SA (S) Pte. Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shree Tel Fab Industries Private Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed default in payment for goods supplied.
The Operational Creditor supplied LDPE and HDPE products to the Corporate Debtor.
The Corporate Debtor acknowledged the principal liability in multiple communications.
The Corporate Debtor executed a Terms of Settlement dated 28.08.2021, admitting its liability to pay USD 1,72,000 in seven installments.
The Corporate Debtor defaulted in payment of the first installment under the Terms of Settlement.
The Operational Creditor issued a demand notice under Section 8 of the Code dated 22.09.2020.
The Corporate Debtor claimed the debt was barred by limitation and alleged forgery of documents.
The Operational Creditor filed a restoration application, which was allowed by order dated 24.09.2024.
…The Operational Creditor advised its bankers…
The Corporate Debtor informed the Operational…