The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Shanti Chemtrade Pvt. Ltd. (Operational Creditor) against M/s S.K. Dyeing and Finishing Mills Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods (chemicals) supplied in the regular course of business. The Corporate Debtor disputed the claim, citing quality issues and raising debit notes. The Adjudicating Authority examined the submissions and documents to determine if there was a pre-existing dispute and if a default had occurred.
M/s Shanti Chemtrade Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s S.K. Dyeing and Finishing Mills Pvt. Ltd. (Corporate Debtor) for defaulting on payments for goods supplied. The Operational Creditor claimed a total amount due of Rs. 13,74,030/- with interest. A demand notice was sent to the Corporate Debtor on 2019-05-06. The Corporate Debtor replied to the demand notice, disputing the claim and citing quality issues with the goods supplied, supported by debit notes. The Corporate Debtor argued that these debit notes constituted a pre-existing dispute. The Operational Creditor argued that the Corporate Debtor had not raised these disputes prior to the demand notice. The Adjudicating Authority
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The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Shanti Chemtrade Pvt. Ltd. (Operational Creditor) against M/s S.K. Dyeing and Finishing Mills Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods (chemicals) supplied in the regular course of business. The Corporate Debtor disputed the claim, citing quality issues and raising debit notes. The Adjudicating Authority examined the submissions and documents to determine if there was a pre-existing dispute and if a default had occurred.
M/s Shanti Chemtrade Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s S.K. Dyeing and Finishing Mills Pvt. Ltd. (Corporate Debtor) for defaulting on payments for goods supplied. The Operational Creditor claimed a total amount due of Rs. 13,74,030/- with interest. A demand notice was sent to the Corporate Debtor on 2019-05-06. The Corporate Debtor replied to the demand notice, disputing the claim and citing quality issues with the goods supplied, supported by debit notes. The Corporate Debtor argued that these debit notes constituted a pre-existing dispute. The Operational Creditor argued that the Corporate Debtor had not raised these disputes prior to the demand notice. The Adjudicating Authority
…The Operational…
The Corporate Debtor…