M/s Mustafa Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Bharat Potteries Limited, the corporate debtor, due to non-payment of operational dues. The operational debt arose from the supply of calcium phosphate. The corporate debtor disputed the claim, alleging deficiency in the quality of goods. The Adjudicating Authority considered whether the demand notice was properly served and whether a dispute existed regarding the quality of the goods.
M/s Mustafa Enterprises (Operational Creditor) supplied 54 metric tonnes of calcium phosphate to M/s Bharat Potteries Limited (Corporate Debtor) against two purchase orders dated 28.03.2017. The total amount due was $27,052.50. The Corporate Debtor failed to make the payment. The Operational Creditor issued a demand notice dated 10.10.2019 under Section 8 of the IBC. The Corporate Debtor issued a debit note dated 26.09.2019, alleging defects in the quality of goods. The Corporate Debtor admitted owing Rs. 10,91,935/-. The Corporate Debtor made payments totaling Rs. 13,50,000/- towards a settlement agreement dated 15.12.2022. The Operational Creditor filed an application under Section 9 of the IBC to initiate CIRP. The Corporate Debtor contended that there was a dispute
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Corporate Debtor placed…
Applicant supplied 54 metric Tonnes of calcium…
M/s Mustafa Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Bharat Potteries Limited, the corporate debtor, due to non-payment of operational dues. The operational debt arose from the supply of calcium phosphate. The corporate debtor disputed the claim, alleging deficiency in the quality of goods. The Adjudicating Authority considered whether the demand notice was properly served and whether a dispute existed regarding the quality of the goods.
M/s Mustafa Enterprises (Operational Creditor) supplied 54 metric tonnes of calcium phosphate to M/s Bharat Potteries Limited (Corporate Debtor) against two purchase orders dated 28.03.2017. The total amount due was $27,052.50. The Corporate Debtor failed to make the payment. The Operational Creditor issued a demand notice dated 10.10.2019 under Section 8 of the IBC. The Corporate Debtor issued a debit note dated 26.09.2019, alleging defects in the quality of goods. The Corporate Debtor admitted owing Rs. 10,91,935/-. The Corporate Debtor made payments totaling Rs. 13,50,000/- towards a settlement agreement dated 15.12.2022. The Operational Creditor filed an application under Section 9 of the IBC to initiate CIRP. The Corporate Debtor contended that there was a dispute
…Corporate Debtor placed…
Applicant supplied 54 metric Tonnes of calcium…