The Operational Creditor, Megha Granules Pvt Ltd, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fertis India Pvt Ltd, the Corporate Debtor, for defaulting on a payment of Rs. 37,21,628/-, which included a principal amount of Rs. 17,59,116/- and interest of Rs. 19,62,512/- for the period from 31.03.2015 to 31.10.2019. The Operational Creditor claimed to have supplied materials as per purchase orders raised by the Corporate Debtor, but the Corporate Debtor failed to make full payment. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of the supplied materials and that the claims were barred by limitation.
Megha Granules Pvt Ltd (Operational Creditor) filed a petition against Fertis India Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 37,21,628/-. This amount included a principal of Rs. 17,59,116/- and interest of Rs. 19,62,512/- for the period between 31.03.2015 and 31.10.2019. The Operational Creditor supplied cylinders for making bags to the Corporate Debtor based on purchase orders. The Corporate Debtor made partial payments of Rs. 22,99,064/- but failed to pay the balance. The Operational Creditor approached the Corporate Debtor to settle the issue, and in a meeting on 10.12.2018, the Corporate Debtor agreed to release payments within 6-9 months. The Operational Creditor also agreed to take back some
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Invoice No. 53…
The Operational Creditor, Megha Granules Pvt Ltd, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fertis India Pvt Ltd, the Corporate Debtor, for defaulting on a payment of Rs. 37,21,628/-, which included a principal amount of Rs. 17,59,116/- and interest of Rs. 19,62,512/- for the period from 31.03.2015 to 31.10.2019. The Operational Creditor claimed to have supplied materials as per purchase orders raised by the Corporate Debtor, but the Corporate Debtor failed to make full payment. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of the supplied materials and that the claims were barred by limitation.
Megha Granules Pvt Ltd (Operational Creditor) filed a petition against Fertis India Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 37,21,628/-. This amount included a principal of Rs. 17,59,116/- and interest of Rs. 19,62,512/- for the period between 31.03.2015 and 31.10.2019. The Operational Creditor supplied cylinders for making bags to the Corporate Debtor based on purchase orders. The Corporate Debtor made partial payments of Rs. 22,99,064/- but failed to pay the balance. The Operational Creditor approached the Corporate Debtor to settle the issue, and in a meeting on 10.12.2018, the Corporate Debtor agreed to release payments within 6-9 months. The Operational Creditor also agreed to take back some
…Interest calc…
Invoice No. 53…