The case involves an application filed by GLS Films Industries Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kay Pan Fragrance Private Limited, the corporate debtor.
GLS Films Industries Private Limited, the operational creditor, filed an application under Section 9 of the IBC.
The operational creditor claimed that the corporate debtor defaulted on payments.
The operational creditor supplied printed laminated paper roll to the corporate debtor.
The operational creditor raised 68 invoices amounting to Rs. 16,86,14,367/-.
The total outstanding operational debt is Rs. 8,52,04,134/-.
The corporate debtor acknowledged the outstanding amount of Rs. 12,51,89,460/- in a letter dated 05.10.2021.
The operational creditor sent a demand notice dated 16.10.2021.
The corporate debtor paid Rs. 3,99,85,326/- to the operational creditor after receiving the demand notice.
The corporate debtor claimed that the dispute was settled prior to the application.
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Order was deli…
The case involves an application filed by GLS Films Industries Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kay Pan Fragrance Private Limited, the corporate debtor.
GLS Films Industries Private Limited, the operational creditor, filed an application under Section 9 of the IBC.
The operational creditor claimed that the corporate debtor defaulted on payments.
The operational creditor supplied printed laminated paper roll to the corporate debtor.
The operational creditor raised 68 invoices amounting to Rs. 16,86,14,367/-.
The total outstanding operational debt is Rs. 8,52,04,134/-.
The corporate debtor acknowledged the outstanding amount of Rs. 12,51,89,460/- in a letter dated 05.10.2021.
The operational creditor sent a demand notice dated 16.10.2021.
The corporate debtor paid Rs. 3,99,85,326/- to the operational creditor after receiving the demand notice.
The corporate debtor claimed that the dispute was settled prior to the application.
…Order was deli…