The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Gandhar Oil Refinery (India) Ltd., the operational creditor, against Akurth Chemicals (OPC) Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor supplied products to the corporate debtor based on purchase orders, for which invoices were raised. Despite the lapse of 60 days and repeated demands, the corporate debtor failed to pay the outstanding amount. A demand notice was issued under Section 8 of the IBC, 2016, but the corporate debtor did not fully settle the dues.
Gandhar Oil Refinery (India) Ltd. (operational creditor) supplied products to Akurth Chemicals (OPC) Private Limited (corporate debtor) based on purchase orders. Two invoices, dated August 11, 2018, and August 13, 2018, were issued for Rs. 33,51,200. As per the terms and conditions, payment was due 60 days after invoice receipt. Despite the lapse of 60 days and repeated demands, the corporate debtor failed to pay. The operational creditor issued a demand notice under Section 8 of the IBC, 2016, dated July 26, 2019, for Rs. 39,06,489, which was received by the corporate debtor. On September 18, 2019, the corporate debtor paid a partial amount via NEFT, leaving Rs. 38,06,489 outstanding. The operational creditor filed a petition under Section 9 of the IBC, 2016, to
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Invoice dated August…
Invoice dated August…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Gandhar Oil Refinery (India) Ltd., the operational creditor, against Akurth Chemicals (OPC) Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor supplied products to the corporate debtor based on purchase orders, for which invoices were raised. Despite the lapse of 60 days and repeated demands, the corporate debtor failed to pay the outstanding amount. A demand notice was issued under Section 8 of the IBC, 2016, but the corporate debtor did not fully settle the dues.
Gandhar Oil Refinery (India) Ltd. (operational creditor) supplied products to Akurth Chemicals (OPC) Private Limited (corporate debtor) based on purchase orders. Two invoices, dated August 11, 2018, and August 13, 2018, were issued for Rs. 33,51,200. As per the terms and conditions, payment was due 60 days after invoice receipt. Despite the lapse of 60 days and repeated demands, the corporate debtor failed to pay. The operational creditor issued a demand notice under Section 8 of the IBC, 2016, dated July 26, 2019, for Rs. 39,06,489, which was received by the corporate debtor. On September 18, 2019, the corporate debtor paid a partial amount via NEFT, leaving Rs. 38,06,489 outstanding. The operational creditor filed a petition under Section 9 of the IBC, 2016, to
…Invoice dated August…
Invoice dated August…