Jay Ambe Industries (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against MIM Petroworld Pvt. Ltd (Corporate Debtor) for an outstanding operational debt of Rs. 1,96,00,535/- (including principal and interest) for goods supplied. The Corporate Debtor contended that the goods supplied were of inferior quality, leading to a pre-existing dispute, business losses, and customer discontinuation. The matter was initially rejected by the NCLT, appealed to the NCLAT, and subsequently remanded back to the NCLT for fresh adjudication after providing an opportunity for both parties to present evidence.
Jay Ambe Industries (Operational Creditor) filed a petition under Section 9 of the IBC against MIM Petroworld Pvt. Ltd (Corporate Debtor).
The applicant supplied goods to the respondent and raised invoices from 13.12.2022 to 18.12.2022 for a principal amount of Rs. 1,77,32,898/-.
The total outstanding debt, including interest at 18% till 17.08.2023, amounted to Rs. 1,96,00,535/-.
The date of default for the outstanding bills is stated to be from 12.01.2023 to 17.01.2023.
The applicant issued a demand notice under Section 8 of the Code on 17.08.2023, which was received by the Corporate Debtor on 21.08.2023.
The respondent replied to the demand notice on 29.08.2023, specifically raising a dispute regarding the quality of goods and the applicant's breach of obligations.
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Applicant supplied goods to the respondent and…
Applicant supplied goods to the respondent and…
Jay Ambe Industries (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against MIM Petroworld Pvt. Ltd (Corporate Debtor) for an outstanding operational debt of Rs. 1,96,00,535/- (including principal and interest) for goods supplied. The Corporate Debtor contended that the goods supplied were of inferior quality, leading to a pre-existing dispute, business losses, and customer discontinuation. The matter was initially rejected by the NCLT, appealed to the NCLAT, and subsequently remanded back to the NCLT for fresh adjudication after providing an opportunity for both parties to present evidence.
Jay Ambe Industries (Operational Creditor) filed a petition under Section 9 of the IBC against MIM Petroworld Pvt. Ltd (Corporate Debtor).
The applicant supplied goods to the respondent and raised invoices from 13.12.2022 to 18.12.2022 for a principal amount of Rs. 1,77,32,898/-.
The total outstanding debt, including interest at 18% till 17.08.2023, amounted to Rs. 1,96,00,535/-.
The date of default for the outstanding bills is stated to be from 12.01.2023 to 17.01.2023.
The applicant issued a demand notice under Section 8 of the Code on 17.08.2023, which was received by the Corporate Debtor on 21.08.2023.
The respondent replied to the demand notice on 29.08.2023, specifically raising a dispute regarding the quality of goods and the applicant's breach of obligations.
…Applicant supplied goods to the respondent and…
Applicant supplied goods to the respondent and…