This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad) which dismissed a Section 9 petition filed under the Insolvency and Bankruptcy Code (IBC). The appellant, Comet Performance Chemicals Private Limited, claimed that the corporate debtor, Aarvee Denims and Exports Limited, defaulted on payments for supplied goods. The NCLT dismissed the petition on the grounds that the debt claimed was below the threshold limit and the interest amount was disputed. The appellant argues that the NCLT erred in not considering the interest amount on delayed payments, which was clearly mentioned in the invoices. The respondent contends that the purchase orders did not stipulate any provision for interest on delayed
…Comet Performance Chemicals Private Limited (Appellant) supplied goods, including chemicals, to Aarvee Denims and Exports Limited (Respondent/Corporate Debtor) for its textile business starting around 2018. The Appellant raised invoices from 2019 to 2021, which the Corporate Debtor accepted. The invoices contained a clause for interest at 24% per annum on delayed payments. The Corporate Debtor made some payments but defaulted on others. The Appellant filed a commercial civil suit in Ahmedabad in May 2023 for recovery of the dues. As of July 17, 2023, the Corporate Debtor owed Rs 1,36,30,679, including principal and interest. The Appellant issued a demand notice in August 2023. The Corporate Debtor replied, failing to justify the default. The Appellant filed a Section 9
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This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad) which dismissed a Section 9 petition filed under the Insolvency and Bankruptcy Code (IBC). The appellant, Comet Performance Chemicals Private Limited, claimed that the corporate debtor, Aarvee Denims and Exports Limited, defaulted on payments for supplied goods. The NCLT dismissed the petition on the grounds that the debt claimed was below the threshold limit and the interest amount was disputed. The appellant argues that the NCLT erred in not considering the interest amount on delayed payments, which was clearly mentioned in the invoices. The respondent contends that the purchase orders did not stipulate any provision for interest on delayed
…Comet Performance Chemicals Private Limited (Appellant) supplied goods, including chemicals, to Aarvee Denims and Exports Limited (Respondent/Corporate Debtor) for its textile business starting around 2018. The Appellant raised invoices from 2019 to 2021, which the Corporate Debtor accepted. The invoices contained a clause for interest at 24% per annum on delayed payments. The Corporate Debtor made some payments but defaulted on others. The Appellant filed a commercial civil suit in Ahmedabad in May 2023 for recovery of the dues. As of July 17, 2023, the Corporate Debtor owed Rs 1,36,30,679, including principal and interest. The Appellant issued a demand notice in August 2023. The Corporate Debtor replied, failing to justify the default. The Appellant filed a Section 9
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