The case pertains to an application filed by Astec Lifescience Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Advance Nath Agri Chemicals Pvt. Ltd, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied pursuant to purchase orders. The original application was dismissed due to lack of proof of service of demand notice, after which a fresh demand notice was served.
Astec Lifescience Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Advance Nath Agri Chemicals Pvt. Ltd, the Corporate Debtor. The Operational Creditor supplied goods to the Corporate Debtor based on purchase orders issued on 24.03.2017, 06.04.2017, and 30.03.2017. Payments were not made, and cheques issued by the Corporate Debtor bounced, leading to a complaint under Section 138 of the Negotiable Instruments Act. A notice under Section 8 of the IB Code, 2016, was delivered on 20.02.2018 and received by the Corporate Debtor on 23.02.2018. The initial application was dismissed due to lack of proof of service of demand notice, after which a fresh demand notice was served on
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Operational Creditor…
Operational Creditor…
The case pertains to an application filed by Astec Lifescience Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Advance Nath Agri Chemicals Pvt. Ltd, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied pursuant to purchase orders. The original application was dismissed due to lack of proof of service of demand notice, after which a fresh demand notice was served.
Astec Lifescience Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Advance Nath Agri Chemicals Pvt. Ltd, the Corporate Debtor. The Operational Creditor supplied goods to the Corporate Debtor based on purchase orders issued on 24.03.2017, 06.04.2017, and 30.03.2017. Payments were not made, and cheques issued by the Corporate Debtor bounced, leading to a complaint under Section 138 of the Negotiable Instruments Act. A notice under Section 8 of the IB Code, 2016, was delivered on 20.02.2018 and received by the Corporate Debtor on 23.02.2018. The initial application was dismissed due to lack of proof of service of demand notice, after which a fresh demand notice was served on
…Operational Creditor…
Operational Creditor…