M/s. VIP Industries filed a Company Petition against M/s. Acaricide India Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to unpaid operational debt related to the supply of chemicals and pesticides. The Corporate Debtor contested the claim, alleging it was barred by limitation and disputing the amount.
M/s. VIP Industries (Operational Creditor) claimed that M/s. Acaricide India Private Limited (Corporate Debtor) owed them Rs. 1,91,19,376/- for the supply of chemicals and pesticides. This amount included a principal of Rs.67,44,660/- and interest of Rs.1,23,74,716/-, calculated at 24% per annum from 11.09.2010 to 30.06.2018. The Corporate Debtor issued a cheque for Rs.64,00,000/- on 09.07.2018, which was dishonored with the remarks "Refer to Drawer". The Operational Creditor issued a demand notice on 19.07.2018, but received no reply. The Corporate Debtor argued that the claim was barred by limitation and that the cheque was issued as security. The Operational Creditor contended that the cheque was issued as part payment and acknowledged the debt. The
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Corporate Debtor issued…
M/s. VIP Industries filed a Company Petition against M/s. Acaricide India Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to unpaid operational debt related to the supply of chemicals and pesticides. The Corporate Debtor contested the claim, alleging it was barred by limitation and disputing the amount.
M/s. VIP Industries (Operational Creditor) claimed that M/s. Acaricide India Private Limited (Corporate Debtor) owed them Rs. 1,91,19,376/- for the supply of chemicals and pesticides. This amount included a principal of Rs.67,44,660/- and interest of Rs.1,23,74,716/-, calculated at 24% per annum from 11.09.2010 to 30.06.2018. The Corporate Debtor issued a cheque for Rs.64,00,000/- on 09.07.2018, which was dishonored with the remarks "Refer to Drawer". The Operational Creditor issued a demand notice on 19.07.2018, but received no reply. The Corporate Debtor argued that the claim was barred by limitation and that the cheque was issued as security. The Operational Creditor contended that the cheque was issued as part payment and acknowledged the debt. The
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Corporate Debtor issued…