Vimal Organics Limited (Operational Creditor/Appellant) appealed against the order dated 10th October, 2017, by NCLT, New Delhi Bench, which rejected their application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was filed against Anya Polytech & Fertilizers Pvt. Ltd. (Corporate Debtor/Respondent) for non-payment of invoices related to the supply of a Buyer Zinc Sulphate Manufacturing Plant. The NCLT rejected the application based on the existence of a dispute between the parties.
Vimal Organics Limited (Operational Creditor) and Anya Polytech & Fertilizers Pvt. Ltd. (Corporate Debtor) entered into an agreement on May 3, 2014, for the supply of a Buyer Zinc Sulphate Manufacturing Plant (50MTPD) by the Operational Creditor to the Corporate Debtor. The Operational Creditor supplied the plant, but commissioning was not properly done, which was detected during the trial run. The Corporate Debtor informed the Operational Creditor via email on February 25, 2016, that they needed support and cooperation to start the trial run. The Corporate Debtor also communicated that the Managing Director was anxious due to the delayed trial run. A subsequent letter dated May 31, 2016, indicated that the Corporate Debtor's team could not achieve the desired
…Sign in to view the parties.
Agreement reached between Vimal Organics…
Corporate Debtor informed Operational Creditor…
Vimal Organics Limited (Operational Creditor/Appellant) appealed against the order dated 10th October, 2017, by NCLT, New Delhi Bench, which rejected their application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was filed against Anya Polytech & Fertilizers Pvt. Ltd. (Corporate Debtor/Respondent) for non-payment of invoices related to the supply of a Buyer Zinc Sulphate Manufacturing Plant. The NCLT rejected the application based on the existence of a dispute between the parties.
Vimal Organics Limited (Operational Creditor) and Anya Polytech & Fertilizers Pvt. Ltd. (Corporate Debtor) entered into an agreement on May 3, 2014, for the supply of a Buyer Zinc Sulphate Manufacturing Plant (50MTPD) by the Operational Creditor to the Corporate Debtor. The Operational Creditor supplied the plant, but commissioning was not properly done, which was detected during the trial run. The Corporate Debtor informed the Operational Creditor via email on February 25, 2016, that they needed support and cooperation to start the trial run. The Corporate Debtor also communicated that the Managing Director was anxious due to the delayed trial run. A subsequent letter dated May 31, 2016, indicated that the Corporate Debtor's team could not achieve the desired
…Agreement reached between Vimal Organics…
Corporate Debtor informed Operational Creditor…