The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Shree Dev Chemicals Corporation (Operational Creditor) against Gammon India Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of ₹7,86,237.68, which was the principal amount due as of 23.06.2015, along with interest. The Corporate Debtor contested the claim, arguing that the petition was not maintainable under Section 69(2) of the Indian Partnership Act, 1932, and that the claim was barred by limitation.
M/s Shree Dev Chemicals Corporation, an Operational Creditor and a partnership firm, filed a Company Petition against Gammon India Limited, a listed public company, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for non-payment of ₹7,86,237.68, which was the principal amount due as of 23.06.2015, along with interest. The Operational Creditor had supplied construction chemicals to the Corporate Debtor based on purchase orders placed in 2012, 2013, and 2014, and issued invoices accordingly. The Corporate Debtor had made partial payments, leaving a balance of ₹7,86,237.68. The Operational Creditor served a Demand Notice dated 18.06.2018
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Gammon India Limited…
Corporate Debtor placed…
The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Shree Dev Chemicals Corporation (Operational Creditor) against Gammon India Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of ₹7,86,237.68, which was the principal amount due as of 23.06.2015, along with interest. The Corporate Debtor contested the claim, arguing that the petition was not maintainable under Section 69(2) of the Indian Partnership Act, 1932, and that the claim was barred by limitation.
M/s Shree Dev Chemicals Corporation, an Operational Creditor and a partnership firm, filed a Company Petition against Gammon India Limited, a listed public company, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for non-payment of ₹7,86,237.68, which was the principal amount due as of 23.06.2015, along with interest. The Operational Creditor had supplied construction chemicals to the Corporate Debtor based on purchase orders placed in 2012, 2013, and 2014, and issued invoices accordingly. The Corporate Debtor had made partial payments, leaving a balance of ₹7,86,237.68. The Operational Creditor served a Demand Notice dated 18.06.2018
…Gammon India Limited…
Corporate Debtor placed…