Dynamic Engineering Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jericho Chemicals LLP, claiming an unpaid operational debt of Rs. 42,26,263.00. The petitioner contended that the corporate debtor defaulted on payments despite supplying materials and services. The corporate debtor admitted the mistake and promised to honor its commitment, but failed to do so. The operational creditor issued a demand notice, but the corporate debtor neither made the payment nor responded to the notice. The corporate debtor argued that there were deficiencies in the services provided, leading to losses, and raised a debit note to offset the outstanding amount. The petitioner argued
…Dynamic Engineering Ltd. (Operational Creditor) filed a petition against Jericho Chemicals LLP (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP due to an unpaid operational debt of Rs.42,26,263.00, including interest. The Operational Creditor supplied materials and services to the Corporate Debtor, who defaulted on payments despite agreeing to the terms of the contract. The Corporate Debtor placed two purchase orders with the applicant for supply of materials and services. The Operational Creditor executed all the above mentioned orders and accordingly supplied the required materials and provided its services for installation, testing and commissioning etc. The Corporate Debtor admitted the mistake and promised to
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Jericho Chemic…
Purchase Order No 80AAMK17012017 dated…
Dynamic Engineering Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jericho Chemicals LLP, claiming an unpaid operational debt of Rs. 42,26,263.00. The petitioner contended that the corporate debtor defaulted on payments despite supplying materials and services. The corporate debtor admitted the mistake and promised to honor its commitment, but failed to do so. The operational creditor issued a demand notice, but the corporate debtor neither made the payment nor responded to the notice. The corporate debtor argued that there were deficiencies in the services provided, leading to losses, and raised a debit note to offset the outstanding amount. The petitioner argued
…Dynamic Engineering Ltd. (Operational Creditor) filed a petition against Jericho Chemicals LLP (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP due to an unpaid operational debt of Rs.42,26,263.00, including interest. The Operational Creditor supplied materials and services to the Corporate Debtor, who defaulted on payments despite agreeing to the terms of the contract. The Corporate Debtor placed two purchase orders with the applicant for supply of materials and services. The Operational Creditor executed all the above mentioned orders and accordingly supplied the required materials and provided its services for installation, testing and commissioning etc. The Corporate Debtor admitted the mistake and promised to
…Jericho Chemic…
Purchase Order No 80AAMK17012017 dated…