Jay Jay International filed a Company Petition against Parth Chem Impex Private Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The petitioner alleged that the corporate debtor defaulted on a payment of Rs. 2,16,20,700/-, inclusive of interest at 21% p.a., invoking Sections 8 & 9 of the Insolvency and Bankruptcy Code (IBC). The petitioner and corporate debtor had a High Seas Agreement, where the petitioner supplied Monosodium Glutamate 30 Mesh and Melamine to the corporate debtor. Despite requests and reminders, the corporate debtor failed to pay the outstanding dues, leading to a demand notice issued on 2018-05-15.
Jay Jay International (Petitioner) filed a petition against Parth Chem Impex Private Limited (Corporate Debtor) under Sections 8 & 9 of the IBC, 2016, seeking to initiate CIRP due to a default in payment. The outstanding amount was Rs. 2,16,20,700/-, inclusive of interest at 21% p.a. The Petitioner and Corporate Debtor had a High Seas Agreement where the Petitioner supplied Monosodium Glutamate 30 Mesh and Melamine to the Corporate Debtor between 2015-02-27 and 2015-07-04. The Corporate Debtor failed to pay the outstanding dues despite repeated requests, leading to a demand notice on 2018-05-15. The Corporate Debtor argued they were merely an intermediary and the Petitioner owed them and a foreign supplier money. The Corporate Debtor also made a partial payment of
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Jay Jay International filed a Company Petition against Parth Chem Impex Private Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The petitioner alleged that the corporate debtor defaulted on a payment of Rs. 2,16,20,700/-, inclusive of interest at 21% p.a., invoking Sections 8 & 9 of the Insolvency and Bankruptcy Code (IBC). The petitioner and corporate debtor had a High Seas Agreement, where the petitioner supplied Monosodium Glutamate 30 Mesh and Melamine to the corporate debtor. Despite requests and reminders, the corporate debtor failed to pay the outstanding dues, leading to a demand notice issued on 2018-05-15.
Jay Jay International (Petitioner) filed a petition against Parth Chem Impex Private Limited (Corporate Debtor) under Sections 8 & 9 of the IBC, 2016, seeking to initiate CIRP due to a default in payment. The outstanding amount was Rs. 2,16,20,700/-, inclusive of interest at 21% p.a. The Petitioner and Corporate Debtor had a High Seas Agreement where the Petitioner supplied Monosodium Glutamate 30 Mesh and Melamine to the Corporate Debtor between 2015-02-27 and 2015-07-04. The Corporate Debtor failed to pay the outstanding dues despite repeated requests, leading to a demand notice on 2018-05-15. The Corporate Debtor argued they were merely an intermediary and the Petitioner owed them and a foreign supplier money. The Corporate Debtor also made a partial payment of
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