The case involves an I.B. Petition filed by M/s. Insecticides (India) Limited, an Operational Creditor, against M/s. Indian Polychemical Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied agro products. The Corporate Debtor acknowledged the debt but cited financial difficulties and pending government permissions as reasons for non-payment. The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP).
M/s. Insecticides (India) Limited, the Operational Creditor, filed an I.B. Petition against M/s. Indian Polychemical Private Limited, the Corporate Debtor, for non-payment of dues related to the supply of agro products. The Corporate Debtor approached the Operational Creditor in 2016-17 for the supply of various agro products. The Operational Creditor supplied materials and issued purchase orders. Several invoices were raised, totaling Rs. 42,61,161.00. The invoices stated that interest at 18% P.A. would be charged if payments were not made within the stipulated period. The Corporate Debtor issued cheques that were dishonored. The Corporate Debtor acknowledged the debt in a letter dated 02.11.2017. The Operational Creditor issued a notice under Section 8 of the IBC.
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First invoice issued by…
Second invoice issued…
The case involves an I.B. Petition filed by M/s. Insecticides (India) Limited, an Operational Creditor, against M/s. Indian Polychemical Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied agro products. The Corporate Debtor acknowledged the debt but cited financial difficulties and pending government permissions as reasons for non-payment. The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP).
M/s. Insecticides (India) Limited, the Operational Creditor, filed an I.B. Petition against M/s. Indian Polychemical Private Limited, the Corporate Debtor, for non-payment of dues related to the supply of agro products. The Corporate Debtor approached the Operational Creditor in 2016-17 for the supply of various agro products. The Operational Creditor supplied materials and issued purchase orders. Several invoices were raised, totaling Rs. 42,61,161.00. The invoices stated that interest at 18% P.A. would be charged if payments were not made within the stipulated period. The Corporate Debtor issued cheques that were dishonored. The Corporate Debtor acknowledged the debt in a letter dated 02.11.2017. The Operational Creditor issued a notice under Section 8 of the IBC.
…First invoice issued by…
Second invoice issued…