Jotun India Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Extreme Coatings Private Limited, claiming to be the corporate debtor. Jotun India claimed to be an operational creditor, alleging non-payment for paints/coatings supplied to Extreme Coatings based on seventeen invoices. Extreme Coatings raised objections, citing a pre-existing dispute regarding the quality of goods supplied and delays, supported by email correspondence.
Jotun India Private Limited (the applicant) claimed to be an operational creditor of Extreme Coatings Private Limited (the respondent). Between 2015 and 2016, Jotun India supplied paints/coatings to Extreme Coatings based on purchase orders. Jotun India raised seventeen invoices totaling Rs. 72,28,213/-. Extreme Coatings allegedly failed to make the payment. Jotun India issued a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, on 27 December 2017, which was delivered to Extreme Coatings on 02 January 2018. Extreme Coatings filed a reply on 25 May 2018, raising objections and claiming a pre-existing dispute regarding the quality of goods supplied. Extreme Coatings presented email correspondence showing complaints from its clients regarding the quality
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Dispute arises between Jotun India and Extreme…
Jotun India issues a notice to Extreme…
Jotun India Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Extreme Coatings Private Limited, claiming to be the corporate debtor. Jotun India claimed to be an operational creditor, alleging non-payment for paints/coatings supplied to Extreme Coatings based on seventeen invoices. Extreme Coatings raised objections, citing a pre-existing dispute regarding the quality of goods supplied and delays, supported by email correspondence.
Jotun India Private Limited (the applicant) claimed to be an operational creditor of Extreme Coatings Private Limited (the respondent). Between 2015 and 2016, Jotun India supplied paints/coatings to Extreme Coatings based on purchase orders. Jotun India raised seventeen invoices totaling Rs. 72,28,213/-. Extreme Coatings allegedly failed to make the payment. Jotun India issued a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, on 27 December 2017, which was delivered to Extreme Coatings on 02 January 2018. Extreme Coatings filed a reply on 25 May 2018, raising objections and claiming a pre-existing dispute regarding the quality of goods supplied. Extreme Coatings presented email correspondence showing complaints from its clients regarding the quality
…Dispute arises between Jotun India and Extreme…
Jotun India issues a notice to Extreme…