The case originates from a petition filed by Haris Marine Products, an Operational Creditor, against Nexus Feeds Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, due to a default of Rs. 21,12,790. The Operational Creditor claimed that the Corporate Debtor failed to make payments for fish oil supplied since 2011, despite a decree obtained in a civil suit. The Corporate Debtor contested the petition, citing a pre-existing dispute and the non-service of summons in the civil suit. The NCLT considered the arguments and evidence presented by both parties.
Haris Marine Products, the Operational Creditor, filed a petition against Nexus Feeds Limited, the Corporate Debtor, under Section 9 of the IBC, claiming a default of Rs. 21,12,790. The Operational Creditor supplied fish oil to the Corporate Debtor since 2011, and the Corporate Debtor made partial payments. The Operational Creditor obtained a decree in a civil suit (O.S. No. 149/2013) against the Corporate Debtor on 01.08.2016 for Rs. 20,27,799 with 12% interest from 03.10.2013. The Corporate Debtor failed to make the payment even after the decree was passed. The Operational Creditor issued a demand notice in form-3 on 03.07.2018, but the Corporate Debtor did not reply. The Corporate Debtor claimed that it could not contest the civil suit as summons were not served and
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Numerous purchase orders were placed by…
Operational Creditor…
The case originates from a petition filed by Haris Marine Products, an Operational Creditor, against Nexus Feeds Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, due to a default of Rs. 21,12,790. The Operational Creditor claimed that the Corporate Debtor failed to make payments for fish oil supplied since 2011, despite a decree obtained in a civil suit. The Corporate Debtor contested the petition, citing a pre-existing dispute and the non-service of summons in the civil suit. The NCLT considered the arguments and evidence presented by both parties.
Haris Marine Products, the Operational Creditor, filed a petition against Nexus Feeds Limited, the Corporate Debtor, under Section 9 of the IBC, claiming a default of Rs. 21,12,790. The Operational Creditor supplied fish oil to the Corporate Debtor since 2011, and the Corporate Debtor made partial payments. The Operational Creditor obtained a decree in a civil suit (O.S. No. 149/2013) against the Corporate Debtor on 01.08.2016 for Rs. 20,27,799 with 12% interest from 03.10.2013. The Corporate Debtor failed to make the payment even after the decree was passed. The Operational Creditor issued a demand notice in form-3 on 03.07.2018, but the Corporate Debtor did not reply. The Corporate Debtor claimed that it could not contest the civil suit as summons were not served and
…Numerous purchase orders were placed by…
Operational Creditor…