Elite Design Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Colorbar Cosmetics Private Limited (Corporate Debtor) for a default payment of Rs. 1,43,82,868/-. The Operational Creditor claimed to have supplied articles on credit through 109 tax invoices, for which payment was due within 30 days as per their understanding.
Elite Design Private Limited (Operational Creditor/Applicant) is in the business of manufacturing, merchandising counters, maintenance & services of display counters, and other product promotion.
Colorbar Cosmetics Private Limited (Corporate Debtor) is in the business of cosmetics.
The Operational Creditor supplied articles to the Corporate Debtor on credit through 109 Tax Invoices from 01.03.2025 till 12.01.2026, based on 109 purchase orders issued from 20.02.2025 to 16.04.2025.
The Operational Creditor claims the Corporate Debtor defaulted on payment of Rs. 1,43,82,868/- as per the ledger account statement.
Payments for the invoices were due within 30 days, and the Operational Creditor followed the 'First In First Out' (FIFO) method for adjusting payments.
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Corporate Debtor…
Operational Creditor started supplying articles…
Elite Design Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Colorbar Cosmetics Private Limited (Corporate Debtor) for a default payment of Rs. 1,43,82,868/-. The Operational Creditor claimed to have supplied articles on credit through 109 tax invoices, for which payment was due within 30 days as per their understanding.
Elite Design Private Limited (Operational Creditor/Applicant) is in the business of manufacturing, merchandising counters, maintenance & services of display counters, and other product promotion.
Colorbar Cosmetics Private Limited (Corporate Debtor) is in the business of cosmetics.
The Operational Creditor supplied articles to the Corporate Debtor on credit through 109 Tax Invoices from 01.03.2025 till 12.01.2026, based on 109 purchase orders issued from 20.02.2025 to 16.04.2025.
The Operational Creditor claims the Corporate Debtor defaulted on payment of Rs. 1,43,82,868/- as per the ledger account statement.
Payments for the invoices were due within 30 days, and the Operational Creditor followed the 'First In First Out' (FIFO) method for adjusting payments.
…Corporate Debtor…
Operational Creditor started supplying articles…