The case involves an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Farmville Agrovet Ltd. by M/s. Multichemical Industries Pvt. Ltd., the Operational Creditor (OC). The OC claims that the Corporate Debtor (CD) defaulted on payments for cattle feed supplements supplied on credit. The OC initially considered filing a winding-up petition in the High Court but approached the NCLT after realizing its jurisdiction.
M/s. Multichemical Industries Pvt. Ltd. (Operational Creditor - OC) is engaged in manufacturing, dealing, and distributing various products, including cattle feed supplements. M/s. Farmville Agrovet Ltd. (Corporate Debtor - CD) is also involved in a similar business with manufacturing units across the country. The CD approached the OC for the supply of cattle feed supplements, including Guar Korama, for its units in Howrah, West Bengal, Hajipur, Bihar, and Gonda, Uttar Pradesh, on a credit basis with a promise of payment within 45 days. The OC supplied the goods and submitted invoices. The agreement stipulated an 18% per annum interest on delayed payments. The CD made partial payments, but an amount of Rs. 13,55,050/- remained outstanding as of 03.07.2015. The OC
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An amount of Rs. 13,55,050/- remains due from…
The Operational…
The case involves an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Farmville Agrovet Ltd. by M/s. Multichemical Industries Pvt. Ltd., the Operational Creditor (OC). The OC claims that the Corporate Debtor (CD) defaulted on payments for cattle feed supplements supplied on credit. The OC initially considered filing a winding-up petition in the High Court but approached the NCLT after realizing its jurisdiction.
M/s. Multichemical Industries Pvt. Ltd. (Operational Creditor - OC) is engaged in manufacturing, dealing, and distributing various products, including cattle feed supplements. M/s. Farmville Agrovet Ltd. (Corporate Debtor - CD) is also involved in a similar business with manufacturing units across the country. The CD approached the OC for the supply of cattle feed supplements, including Guar Korama, for its units in Howrah, West Bengal, Hajipur, Bihar, and Gonda, Uttar Pradesh, on a credit basis with a promise of payment within 45 days. The OC supplied the goods and submitted invoices. The agreement stipulated an 18% per annum interest on delayed payments. The CD made partial payments, but an amount of Rs. 13,55,050/- remained outstanding as of 03.07.2015. The OC
…An amount of Rs. 13,55,050/- remains due from…
The Operational…