The case involves a petition filed by M/s Rasayano, an operational creditor represented by its proprietor, Mr. Purushottam G Khetan, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Katariya Pet Private Limited, the corporate debtor. The operational creditor claims that the corporate debtor defaulted on payments for goods sold and delivered under two invoices. The corporate debtor disputes the claim, alleging that the goods supplied were faulty and of low quality, and invokes an arbitration clause.
M/s Rasayano, the operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Katariya Pet Private Limited, the corporate debtor, for defaulting on payments for goods sold and delivered. The operational creditor claimed a total debt of Rs. 49,67,309.00, including principal and interest. The corporate debtor argued that the goods supplied were faulty and of low quality, leading to losses, and invoked an arbitration clause in the sales contract. The corporate debtor also claimed that a pre-existing dispute existed, as the issue of faulty goods was raised with a mediator before the demand notice was issued. The operational creditor served a demand notice on 22.04.2019, and the corporate debtor replied on 14.06.2019,
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The Insolvency &…
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The case involves a petition filed by M/s Rasayano, an operational creditor represented by its proprietor, Mr. Purushottam G Khetan, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Katariya Pet Private Limited, the corporate debtor. The operational creditor claims that the corporate debtor defaulted on payments for goods sold and delivered under two invoices. The corporate debtor disputes the claim, alleging that the goods supplied were faulty and of low quality, and invokes an arbitration clause.
M/s Rasayano, the operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Katariya Pet Private Limited, the corporate debtor, for defaulting on payments for goods sold and delivered. The operational creditor claimed a total debt of Rs. 49,67,309.00, including principal and interest. The corporate debtor argued that the goods supplied were faulty and of low quality, leading to losses, and invoked an arbitration clause in the sales contract. The corporate debtor also claimed that a pre-existing dispute existed, as the issue of faulty goods was raised with a mediator before the demand notice was issued. The operational creditor served a demand notice on 22.04.2019, and the corporate debtor replied on 14.06.2019,
…The Insolvency &…
Date of the Sales…