M/s. Chryso (India) Pvt. Ltd. filed C.P. (IB) No.50/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Chowdeshwari Concrete India Pvt. Ltd. The claim was based on an alleged default of Rs.70,33,907/-. The Corporate Debtor opposed the petition, citing disputes over the quality of supplied products and the withholding of payments for those supplies. The Corporate Debtor claimed to have already paid Rs.1,43,25,668/- towards undisputed invoices and withheld Rs.27,13,021/- due to quality issues. The Operational Creditor argued that the Corporate Debtor's liability falls under the ambit of 'operational debt' as defined in the IBC and that the Corporate Debtor acknowledged the debt in an email dated
…M/s. Chryso (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s. Sri Chowdeshwari Concrete India Pvt. Ltd. (Corporate Debtor) for an alleged default of Rs.70,33,907/-. The Operational Creditor claimed that the Corporate Debtor had purchased admixtures/products from them and failed to make full payment. The Corporate Debtor argued that there were disputes over the quality of the supplied products and that they had withheld payments due to these quality issues. The Corporate Debtor claimed to have already paid Rs.1,43,25,668/- towards undisputed invoices and withheld Rs.27,13,021/- due to quality issues. The Corporate Debtor also stated that the Operational Creditor had admitted to these quality issues and reconciled
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The Corporate Debtor issued twelve Purchase…
The Corporate Debtor…
M/s. Chryso (India) Pvt. Ltd. filed C.P. (IB) No.50/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Chowdeshwari Concrete India Pvt. Ltd. The claim was based on an alleged default of Rs.70,33,907/-. The Corporate Debtor opposed the petition, citing disputes over the quality of supplied products and the withholding of payments for those supplies. The Corporate Debtor claimed to have already paid Rs.1,43,25,668/- towards undisputed invoices and withheld Rs.27,13,021/- due to quality issues. The Operational Creditor argued that the Corporate Debtor's liability falls under the ambit of 'operational debt' as defined in the IBC and that the Corporate Debtor acknowledged the debt in an email dated
…M/s. Chryso (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s. Sri Chowdeshwari Concrete India Pvt. Ltd. (Corporate Debtor) for an alleged default of Rs.70,33,907/-. The Operational Creditor claimed that the Corporate Debtor had purchased admixtures/products from them and failed to make full payment. The Corporate Debtor argued that there were disputes over the quality of the supplied products and that they had withheld payments due to these quality issues. The Corporate Debtor claimed to have already paid Rs.1,43,25,668/- towards undisputed invoices and withheld Rs.27,13,021/- due to quality issues. The Corporate Debtor also stated that the Operational Creditor had admitted to these quality issues and reconciled
…The Corporate Debtor issued twelve Purchase…
The Corporate Debtor…