Tremco CPG (India) Private Limited, the Operational Creditor (OC), filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Brite Proofings Private Limited, the Corporate Debtor (CD), for a default amount of Rs. 18,74,53,201.59/-. The OC claimed that the CD defaulted in servicing its payment obligations towards invoices raised between September 2022 and October 2023.
The Operational Creditor (Tremco CPG) filed a petition under Section 9 of the IBC to initiate CIRP against the Corporate Debtor (Brite Proofings).
The alleged default amount is Rs. 18,74,53,201.59/-.
The first date of default is 29.12.2022, and the last date of default is 18.01.2024.
The Corporate Debtor claimed pre-existing disputes regarding the quality of goods supplied.
The Corporate Debtor made an ad-hoc payment of INR 25,00,000/- on 30th September 2024 after receiving the demand notice.
The Corporate Debtor issued a reply notice dated 07th October 2024 raising contentions against the demand notice.
The Operational Creditor's account reflects 'phantom' invoices aggregating to approximately INR 3.8 Crores, which appear as their opening balance without any justification.
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Company Petition No. C.P. (IB) 390/MB/2025 was…
The first date of…
Tremco CPG (India) Private Limited, the Operational Creditor (OC), filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Brite Proofings Private Limited, the Corporate Debtor (CD), for a default amount of Rs. 18,74,53,201.59/-. The OC claimed that the CD defaulted in servicing its payment obligations towards invoices raised between September 2022 and October 2023.
The Operational Creditor (Tremco CPG) filed a petition under Section 9 of the IBC to initiate CIRP against the Corporate Debtor (Brite Proofings).
The alleged default amount is Rs. 18,74,53,201.59/-.
The first date of default is 29.12.2022, and the last date of default is 18.01.2024.
The Corporate Debtor claimed pre-existing disputes regarding the quality of goods supplied.
The Corporate Debtor made an ad-hoc payment of INR 25,00,000/- on 30th September 2024 after receiving the demand notice.
The Corporate Debtor issued a reply notice dated 07th October 2024 raising contentions against the demand notice.
The Operational Creditor's account reflects 'phantom' invoices aggregating to approximately INR 3.8 Crores, which appear as their opening balance without any justification.
…Company Petition No. C.P. (IB) 390/MB/2025 was…
The first date of…