Ecoplast Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a corporate insolvency resolution process against Sysco Industries Ltd., the corporate debtor. The application was based on unpaid invoices for goods supplied by Ecoplast to Sysco. The operational creditor claimed that Sysco had defaulted on payments, with a total outstanding amount of Rs. 46,97,185 as of 30.04.2017, including interest. The operational creditor issued a demand notice to Sysco, but no reply or payment was received. The corporate debtor, for the first time during arguments, raised a dispute regarding the quality of goods supplied.
Ecoplast Ltd. supplied goods to Sysco Industries Ltd. against invoices. As of 30.04.2017, Sysco Industries Ltd. had an outstanding debt of Rs. 46,97,185 to Ecoplast Ltd., including interest. Ecoplast Ltd. issued a notice under Section 434 of the Companies Act, 1956, on 19.09.2016, demanding repayment of Rs. 42,71,336. Ecoplast Ltd. issued a demand notice in Form No. 3 dated 02.03.2017, which was served on Sysco Industries Ltd. on 03.03.2017. Sysco Industries Ltd. did not issue any notice of dispute or make any payment within ten days of the demand notice. Sysco Industries Ltd. raised a dispute regarding the quality of goods supplied for the first time during arguments before the adjudicating authority. Mail correspondence between the parties showed no dispute raised by
…Sign in to view the parties.
Operational creditor issued notice under…
Operational creditor…
Ecoplast Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a corporate insolvency resolution process against Sysco Industries Ltd., the corporate debtor. The application was based on unpaid invoices for goods supplied by Ecoplast to Sysco. The operational creditor claimed that Sysco had defaulted on payments, with a total outstanding amount of Rs. 46,97,185 as of 30.04.2017, including interest. The operational creditor issued a demand notice to Sysco, but no reply or payment was received. The corporate debtor, for the first time during arguments, raised a dispute regarding the quality of goods supplied.
Ecoplast Ltd. supplied goods to Sysco Industries Ltd. against invoices. As of 30.04.2017, Sysco Industries Ltd. had an outstanding debt of Rs. 46,97,185 to Ecoplast Ltd., including interest. Ecoplast Ltd. issued a notice under Section 434 of the Companies Act, 1956, on 19.09.2016, demanding repayment of Rs. 42,71,336. Ecoplast Ltd. issued a demand notice in Form No. 3 dated 02.03.2017, which was served on Sysco Industries Ltd. on 03.03.2017. Sysco Industries Ltd. did not issue any notice of dispute or make any payment within ten days of the demand notice. Sysco Industries Ltd. raised a dispute regarding the quality of goods supplied for the first time during arguments before the adjudicating authority. Mail correspondence between the parties showed no dispute raised by
…Operational creditor issued notice under…
Operational creditor…