SQM Europe N. V., an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Salvi Chemical Industries Limited, the corporate debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to a default of USD 3,06,000/-. The corporate debtor contended that the claim was time-barred, disputing the validity of an email dated 01.07.2015 as acknowledgment of debt because it lacked a digital signature.
SQM Europe N. V. (Operational Creditor) filed an application against Salvi Chemical Industries Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, seeking to initiate CIRP. The claim was based on a default of USD 3,06,000/- (equivalent to ₹2,07,37,467/-) as of 22.06.2018, arising from the supply of 'Prilled Iodine 99.8%' on credit, vide invoice dated 13.01.2014. The Corporate Debtor received the goods but failed to pay the amount due. The Corporate Debtor acknowledged its liability to repay the outstanding amount in emails dated 15.05.2015 and 01.07.2015. A demand notice was issued on 16.06.2018. The Corporate Debtor contended that the claim was time-barred, arguing that the email dated 01.07.2015 could not be treated as an acknowledgment of debt
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SQM Europe N. V., an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Salvi Chemical Industries Limited, the corporate debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to a default of USD 3,06,000/-. The corporate debtor contended that the claim was time-barred, disputing the validity of an email dated 01.07.2015 as acknowledgment of debt because it lacked a digital signature.
SQM Europe N. V. (Operational Creditor) filed an application against Salvi Chemical Industries Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, seeking to initiate CIRP. The claim was based on a default of USD 3,06,000/- (equivalent to ₹2,07,37,467/-) as of 22.06.2018, arising from the supply of 'Prilled Iodine 99.8%' on credit, vide invoice dated 13.01.2014. The Corporate Debtor received the goods but failed to pay the amount due. The Corporate Debtor acknowledged its liability to repay the outstanding amount in emails dated 15.05.2015 and 01.07.2015. A demand notice was issued on 16.06.2018. The Corporate Debtor contended that the claim was time-barred, arguing that the email dated 01.07.2015 could not be treated as an acknowledgment of debt
…Corporate Debtor placed…
Invoice issu…