The National Company LawTribunal (NCLT) has accepted the Section 9 Application filed by Sai Kripa Indenting against Sneh Olefins Private Limited for Corporate Insolvency Resolution Process (CIRP) on account of operational debt of ₹38,28,15,122.64. The Bench ruled that the inability of the Corporate Debtor to meet its obligation, SARFAESI proceeding and proposed settlement does not affect the maintainability of an insolvency application.
The Operational Creditor, a proprietary trading company, dealing in the supply of Polymer products like plastic, PP & HDPE granules, had issued 116 tax invoices to Sneh Olefins amounting to about ₹38.45 crore. Considering the reverse supply, adjustment of TDS and payments, the total…