The case involves an application filed by Mr. Narendra Chimanlal Shah, Proprietor of M/s Hardik Dye Chem Industries, against Mr. Ravindra Belayur and M/s Merchem Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought to be impleaded as an Operational Creditor in the Corporate Insolvency Resolution Process (CIRP) of M/s Merchem Limited and receive payment for outstanding dues related to the supply of Hydrogen Peroxide. The applicant claimed that M/s Merchem Limited failed to make payment within the agreed timeframe, leading to dishonored cheques and a subsequent summary suit filed in the Bombay City Civil Court. The 2nd Respondent, M/s Merchem Limited, was already undergoing CIRP initiated by an ex-employee, and the applicant's
…Mr. Narendra Chimanlal Shah, the applicant, is the proprietor of M/s Hardik Dye Chem Industries, engaged in manufacturing and exporting dyes, pigments, and chemicals. M/s Merchem Limited, the 2nd respondent, placed a purchase order for 15,000 Kilo Grams of Hydrogen Peroxide, with payment due within 45 days of delivery. The applicant supplied the goods worth ₹5,51,718/-, but the 2nd respondent failed to make the payment within the stipulated time. The 2nd respondent issued a cheque dated 2014-01-20 for ₹5,52,483/-, which was dishonored due to insufficient funds. The applicant filed a Summary Suit No. 624 of 2015 in the Bombay City Civil Court for ₹5,51,718/- with 24% interest per annum. The Bombay City Civil Court passed an ex-parte order on 2016-09-01, directing the
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The case involves an application filed by Mr. Narendra Chimanlal Shah, Proprietor of M/s Hardik Dye Chem Industries, against Mr. Ravindra Belayur and M/s Merchem Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought to be impleaded as an Operational Creditor in the Corporate Insolvency Resolution Process (CIRP) of M/s Merchem Limited and receive payment for outstanding dues related to the supply of Hydrogen Peroxide. The applicant claimed that M/s Merchem Limited failed to make payment within the agreed timeframe, leading to dishonored cheques and a subsequent summary suit filed in the Bombay City Civil Court. The 2nd Respondent, M/s Merchem Limited, was already undergoing CIRP initiated by an ex-employee, and the applicant's
…Mr. Narendra Chimanlal Shah, the applicant, is the proprietor of M/s Hardik Dye Chem Industries, engaged in manufacturing and exporting dyes, pigments, and chemicals. M/s Merchem Limited, the 2nd respondent, placed a purchase order for 15,000 Kilo Grams of Hydrogen Peroxide, with payment due within 45 days of delivery. The applicant supplied the goods worth ₹5,51,718/-, but the 2nd respondent failed to make the payment within the stipulated time. The 2nd respondent issued a cheque dated 2014-01-20 for ₹5,52,483/-, which was dishonored due to insufficient funds. The applicant filed a Summary Suit No. 624 of 2015 in the Bombay City Civil Court for ₹5,51,718/- with 24% interest per annum. The Bombay City Civil Court passed an ex-parte order on 2016-09-01, directing the
…2nd Respondent issued a…
Applicant filed Summary…