Ashapura Perfoclay Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mahabir Techno Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The operational creditor claimed that the corporate debtor failed to make payments for the supply of Bleaching Earth, leading to an outstanding amount of ₹19,58,940/- besides interest. The corporate debtor argued that the supplied material was sub-standard and that there was an oral agreement for adjustment in future business, disputing the amount due.
Ashapura Perfoclay Limited (Operational Creditor) filed a petition against Mahabir Techno Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for unpaid operational debt. The Operational Creditor supplied Bleaching Earth to the Corporate Debtor based on purchase orders. The Corporate Debtor allegedly failed to make payments within the stipulated period, leading to an outstanding amount of ₹14,72,856/- as of 06.06.2015. Further supplies were made, totaling ₹21,97,748/- during June-September 2015. Part payments were made, with the last payment of ₹50,000/- on 20.09.2017, leaving ₹19,58,940/- outstanding plus interest. The Operational Creditor issued demand notices on 20.12.2017, sent via speed post on 21.12.2017, but delivery was
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Amount of ₹14,72,856/-…
Operational creditor supplied material worth…
Ashapura Perfoclay Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mahabir Techno Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The operational creditor claimed that the corporate debtor failed to make payments for the supply of Bleaching Earth, leading to an outstanding amount of ₹19,58,940/- besides interest. The corporate debtor argued that the supplied material was sub-standard and that there was an oral agreement for adjustment in future business, disputing the amount due.
Ashapura Perfoclay Limited (Operational Creditor) filed a petition against Mahabir Techno Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for unpaid operational debt. The Operational Creditor supplied Bleaching Earth to the Corporate Debtor based on purchase orders. The Corporate Debtor allegedly failed to make payments within the stipulated period, leading to an outstanding amount of ₹14,72,856/- as of 06.06.2015. Further supplies were made, totaling ₹21,97,748/- during June-September 2015. Part payments were made, with the last payment of ₹50,000/- on 20.09.2017, leaving ₹19,58,940/- outstanding plus interest. The Operational Creditor issued demand notices on 20.12.2017, sent via speed post on 21.12.2017, but delivery was
…Amount of ₹14,72,856/-…
Operational creditor supplied material worth…