Prayag Polytech Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Prithvi Plasto India Pvt. Ltd. The applicant, an operational creditor, claimed that the corporate debtor defaulted on payments for master batches supplied. The corporate debtor contested the claim, alleging that the supplied material was of inferior quality and raised a debit note, which the applicant disputed. The NCLT considered the application, the corporate debtor's reply, and the applicant's rejoinder.
Prayag Polytech Pvt. Ltd. (the applicant) supplied master batches to M/s Prithvi Plasto India Pvt. Ltd. (the corporate debtor). The applicant claimed that the corporate debtor defaulted on payments amounting to Rs. 3,62,140. The last payment was made on June 20, 2018. The applicant issued a demand notice on March 4, 2019, claiming Rs. 5,03,618, including interest. The corporate debtor contended that the material supplied was of inferior quality and raised a debit note on June 25, 2017, for Rs. 10,90,000. The applicant disputed the debit note, stating it was not acknowledged by an authorized signatory and lacked the company's official stamp. The applicant asserted that there was no prior communication regarding the quality of goods before the reply to the application.
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The Corporate Debtor…
The last payment was…
Prayag Polytech Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Prithvi Plasto India Pvt. Ltd. The applicant, an operational creditor, claimed that the corporate debtor defaulted on payments for master batches supplied. The corporate debtor contested the claim, alleging that the supplied material was of inferior quality and raised a debit note, which the applicant disputed. The NCLT considered the application, the corporate debtor's reply, and the applicant's rejoinder.
Prayag Polytech Pvt. Ltd. (the applicant) supplied master batches to M/s Prithvi Plasto India Pvt. Ltd. (the corporate debtor). The applicant claimed that the corporate debtor defaulted on payments amounting to Rs. 3,62,140. The last payment was made on June 20, 2018. The applicant issued a demand notice on March 4, 2019, claiming Rs. 5,03,618, including interest. The corporate debtor contended that the material supplied was of inferior quality and raised a debit note on June 25, 2017, for Rs. 10,90,000. The applicant disputed the debit note, stating it was not acknowledged by an authorized signatory and lacked the company's official stamp. The applicant asserted that there was no prior communication regarding the quality of goods before the reply to the application.
…The Corporate Debtor…
The last payment was…