Kadillac Chemicals Private Limited (KCPL) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shakti Bio Science Limited (SBSL). KCPL claimed to be an operational creditor of SBSL. The claim arose from the supply of chemical materials by KCPL to SBSL. KCPL alleged that SBSL defaulted on payments for the supplied materials. A Memorandum of Understanding (MOU) was entered into between KCPL and SBSL for job work, where SBSL would supply raw materials to KCPL, and KCPL would carry out job work and supply finished goods. Disputes arose regarding the non-payment of outstanding amounts and the retention of raw materials.
Kadillac Chemicals Private Limited (KCPL) supplied chemical materials to Shakti Bio Science Limited (SBSL) from 2013. As of October 17, 2013, SBSL owed KCPL Rs. 69,25,717. SBSL made part payments totaling Rs. 47,69,709.64 after October 17, 2013. A Memorandum of Understanding (MOU) was entered between KCPL and SBSL on October 31, 2013, for job work, where SBSL would supply raw materials to KCPL for processing. KCPL raised invoices for job work and other charges. KCPL claimed that SBSL did not pay for the invoices. SBSL issued three cheques after the job work agreement, which were later dishonored. KCPL issued a demand notice to SBSL on August 28, 2017, demanding payment of Rs. 35,82,201 with interest. SBSL raised objections, claiming KCPL retained raw materials and did
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Memorandum of…
KCPL issued a demand…
Kadillac Chemicals Private Limited (KCPL) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shakti Bio Science Limited (SBSL). KCPL claimed to be an operational creditor of SBSL. The claim arose from the supply of chemical materials by KCPL to SBSL. KCPL alleged that SBSL defaulted on payments for the supplied materials. A Memorandum of Understanding (MOU) was entered into between KCPL and SBSL for job work, where SBSL would supply raw materials to KCPL, and KCPL would carry out job work and supply finished goods. Disputes arose regarding the non-payment of outstanding amounts and the retention of raw materials.
Kadillac Chemicals Private Limited (KCPL) supplied chemical materials to Shakti Bio Science Limited (SBSL) from 2013. As of October 17, 2013, SBSL owed KCPL Rs. 69,25,717. SBSL made part payments totaling Rs. 47,69,709.64 after October 17, 2013. A Memorandum of Understanding (MOU) was entered between KCPL and SBSL on October 31, 2013, for job work, where SBSL would supply raw materials to KCPL for processing. KCPL raised invoices for job work and other charges. KCPL claimed that SBSL did not pay for the invoices. SBSL issued three cheques after the job work agreement, which were later dishonored. KCPL issued a demand notice to SBSL on August 28, 2017, demanding payment of Rs. 35,82,201 with interest. SBSL raised objections, claiming KCPL retained raw materials and did
…Memorandum of…
KCPL issued a demand…