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. A settlement agreement was reached between the parties, with the corporate debtor agreeing to pay Rs. 14,00,000/- as full and final payment. The corporate debtor made payments totaling Rs. 13,50,000/-.
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 (USD). 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/-. A settlement agreement was reached between the parties, with the Corporate Debtor agreeing to pay Rs. 14,00,000/- as full and final payment. The Corporate Debtor paid Rs. 13,50,000/- in installments. The Operational Creditor filed an application
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Corporate Debtor placed two purchase orders for…
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. A settlement agreement was reached between the parties, with the corporate debtor agreeing to pay Rs. 14,00,000/- as full and final payment. The corporate debtor made payments totaling Rs. 13,50,000/-.
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 (USD). 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/-. A settlement agreement was reached between the parties, with the Corporate Debtor agreeing to pay Rs. 14,00,000/- as full and final payment. The Corporate Debtor paid Rs. 13,50,000/- in installments. The Operational Creditor filed an application
…Corporate Debtor placed two purchase orders for…
Applicant supplied 54 metric Tonnes of calcium…