The case involves a petition filed by R R Innovative Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Krebs Bio-Chemicals & Industries Limited due to default in payment of an operational debt. The petitioner, a supplier of chemicals, claimed that the respondent failed to pay an outstanding amount of Rs. 56,87,424/- despite supplying goods as per purchase orders. The respondent admitted the debt but proposed to pay it in installments, citing financial difficulties due to a stop production order from the Andhra Pradesh Pollution Control Board. The petitioner, however, insisted on full payment, including interest.
R R Innovative Private Limited (the Petitioner) is a supplier of chemicals with a registered office in Chennai. Krebs Bio-Chemicals & Industries Limited (the Respondent) is a public company with a registered office in Visakhapatnam, Andhra Pradesh. The Respondent raised several purchase orders with the Petitioner for the supply of chemicals, specifically Methylene Dichloride and Methanol. The Petitioner issued four invoices totaling Rs. 59,79,214/-. The Respondent paid Rs. 2,91,790/- on 23.05.2019, leaving a balance of Rs. 56,87,424/-. The Respondent issued three cheques dated 15.07.2019, which were returned due to insufficient funds. The Petitioner issued a Demand Notice dated 31.07.2019 under section 8 of the Insolvency and Bankruptcy Code, which was acknowledged
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The case involves a petition filed by R R Innovative Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Krebs Bio-Chemicals & Industries Limited due to default in payment of an operational debt. The petitioner, a supplier of chemicals, claimed that the respondent failed to pay an outstanding amount of Rs. 56,87,424/- despite supplying goods as per purchase orders. The respondent admitted the debt but proposed to pay it in installments, citing financial difficulties due to a stop production order from the Andhra Pradesh Pollution Control Board. The petitioner, however, insisted on full payment, including interest.
R R Innovative Private Limited (the Petitioner) is a supplier of chemicals with a registered office in Chennai. Krebs Bio-Chemicals & Industries Limited (the Respondent) is a public company with a registered office in Visakhapatnam, Andhra Pradesh. The Respondent raised several purchase orders with the Petitioner for the supply of chemicals, specifically Methylene Dichloride and Methanol. The Petitioner issued four invoices totaling Rs. 59,79,214/-. The Respondent paid Rs. 2,91,790/- on 23.05.2019, leaving a balance of Rs. 56,87,424/-. The Respondent issued three cheques dated 15.07.2019, which were returned due to insufficient funds. The Petitioner issued a Demand Notice dated 31.07.2019 under section 8 of the Insolvency and Bankruptcy Code, which was acknowledged
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Respondent raised…