The case originates from a winding-up petition filed by Prime Products (Operational Creditor) against Eco Rich Cosmetic India Private Limited (Corporate Debtor) in the Bombay High Court under Section 433(e) of the Companies Act, 1956. Following the enactment of the Insolvency and Bankruptcy Code, 2016, the petition was transferred to the NCLT, Mumbai Bench. The Operational Creditor then furnished Form No. 5 under Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, initiating proceedings under Section 9 of the IBC.
Prime Products, an Operational Creditor engaged in manufacturing soft drinks and PET bottles, had a business relationship with Eco Rich Cosmetic India Private Limited, the Corporate Debtor. In April 2015, the Debtor approached the Creditor for business. The Debtor placed a purchase order (no. 1516010 dated 2015-04-15) for PET bottles and caps, with payment terms of 30 days from delivery. The Creditor supplied goods worth ₹11,64,081/- between May and July 2015, with the last order received on 2015-07-16. The Debtor acknowledged receipt of the goods and invoices but failed to make payments. On 2015-10-27, the Debtor forwarded a ledger account confirming the balance and admitting liability. In January 2016, the Debtor issued two post-dated cheques for ₹1,75,000 each,
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Prime Products filed a winding-up petition…
The Operational Creditor furnished Form No.…
The case originates from a winding-up petition filed by Prime Products (Operational Creditor) against Eco Rich Cosmetic India Private Limited (Corporate Debtor) in the Bombay High Court under Section 433(e) of the Companies Act, 1956. Following the enactment of the Insolvency and Bankruptcy Code, 2016, the petition was transferred to the NCLT, Mumbai Bench. The Operational Creditor then furnished Form No. 5 under Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, initiating proceedings under Section 9 of the IBC.
Prime Products, an Operational Creditor engaged in manufacturing soft drinks and PET bottles, had a business relationship with Eco Rich Cosmetic India Private Limited, the Corporate Debtor. In April 2015, the Debtor approached the Creditor for business. The Debtor placed a purchase order (no. 1516010 dated 2015-04-15) for PET bottles and caps, with payment terms of 30 days from delivery. The Creditor supplied goods worth ₹11,64,081/- between May and July 2015, with the last order received on 2015-07-16. The Debtor acknowledged receipt of the goods and invoices but failed to make payments. On 2015-10-27, the Debtor forwarded a ledger account confirming the balance and admitting liability. In January 2016, the Debtor issued two post-dated cheques for ₹1,75,000 each,
…Prime Products filed a winding-up petition…
The Operational Creditor furnished Form No.…