Belgotex India Private Limited (Operational Creditor/Appellant) filed a petition under Section 9 of the IBC against Puneet India Private Limited (Corporate Debtor/Respondent).

The Adjudicating Authority dismissed the Section 9 petition.

The Appellant filed an appeal against the order of the Adjudicating Authority.

The Appellant and Respondent entered into a dealership/distribution agreement dated 15.10.2019.

The agreement stipulated a credit period of 40 days for goods dispatched from the Indian warehouse and 90 days for goods dispatched from outside India.

The Appellant claimed that the Respondent defaulted on payments amounting to Rs. 1,45,58,946/-.

The Respondent issued four cheques that were dishonored.

Belgotex India Private Limited (Operational Creditor/Appellant) filed a petition under Section 9 of the IBC against Puneet India Private Limited (Corporate Debtor/Respondent).

The Adjudicating Authority dismissed the Section 9 petition.

The Appellant filed an appeal against the order of the Adjudicating Authority.

The Appellant and Respondent entered into a dealership/distribution agreement dated 15.10.2019.

The agreement stipulated a credit period of 40 days for goods dispatched from the Indian warehouse and 90 days for goods dispatched from outside India.

The Appellant claimed that the Respondent defaulted on payments amounting to Rs. 1,45,58,946/-.

The Respondent issued four cheques that were dishonored.