M/s M.N.Auxichem, an operational creditor, filed a petition under the Insolvency and Bankruptcy Code (IBC), 2016 against M/s BTM Industries Limited, the corporate debtor, alleging default in payment of Rs. 18,67,689/- plus applicable interest for the supply of chemicals used in the textile industry. The corporate debtor disputed the claim, alleging that the quality of goods supplied by the operational creditor was not of good quality, which forced the corporate debtor to file a suit for permanent injunction. The operational creditor contended that the dispute raised by the corporate debtor was a mere sham and illusory and not pre-existing.
M/s M.N.Auxichem (Operational Creditor) filed a petition against M/s BTM Industries Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 18,67,689/- plus interest. The claim arose from the supply of chemicals to the Corporate Debtor. The Corporate Debtor allegedly defaulted on payments. The Operational Creditor issued a notice under Section 8 of the IBC, 2016. The Corporate Debtor replied, disputing the debt and claiming the goods were of poor quality, leading to a suit for permanent injunction. The Operational Creditor argued the dispute was a sham and not pre-existing. The Corporate Debtor failed to appear before the Tribunal despite notices. The Tribunal noted the Corporate Debtor had acknowledged the debt
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M/s BTM Indu…
The date of default…
M/s M.N.Auxichem, an operational creditor, filed a petition under the Insolvency and Bankruptcy Code (IBC), 2016 against M/s BTM Industries Limited, the corporate debtor, alleging default in payment of Rs. 18,67,689/- plus applicable interest for the supply of chemicals used in the textile industry. The corporate debtor disputed the claim, alleging that the quality of goods supplied by the operational creditor was not of good quality, which forced the corporate debtor to file a suit for permanent injunction. The operational creditor contended that the dispute raised by the corporate debtor was a mere sham and illusory and not pre-existing.
M/s M.N.Auxichem (Operational Creditor) filed a petition against M/s BTM Industries Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 18,67,689/- plus interest. The claim arose from the supply of chemicals to the Corporate Debtor. The Corporate Debtor allegedly defaulted on payments. The Operational Creditor issued a notice under Section 8 of the IBC, 2016. The Corporate Debtor replied, disputing the debt and claiming the goods were of poor quality, leading to a suit for permanent injunction. The Operational Creditor argued the dispute was a sham and not pre-existing. The Corporate Debtor failed to appear before the Tribunal despite notices. The Tribunal noted the Corporate Debtor had acknowledged the debt
…M/s BTM Indu…
The date of default…