Mayfair Biotech Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Good Value Chemicals Pvt. Ltd. for failing to pay an operational debt of Rs 2,16,90,392. The applicant, Mayfair Biotech, claimed to have supplied goods/chemicals and provided services to Good Value Chemicals. The corporate debtor allegedly delayed payments, leading to outstanding dues. The operational creditor issued a demand notice, but the corporate debtor claimed a pre-existing dispute.
Mayfair Biotech Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Good Value Chemicals Pvt. Ltd. (Corporate Debtor) for an unpaid operational debt of Rs 2,16,90,392. As per an agreement dated 10.04.2015, Mayfair Biotech supplied goods/chemicals and provided services to Good Value Chemicals. The Corporate Debtor allegedly delayed payments, leading to the outstanding debt. Mayfair Biotech issued a demand notice on 21.12.2019 under Section 8 of the IBC. Good Value Chemicals replied on 31.12.2019, claiming a pre-existing dispute and substandard quality of goods supplied, issuing debit notes on 02.04.2019 and 04.04.2019. Mayfair Biotech also
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Agreement executed between Mayfair Biotech and…
Corporate Debtor claims…
Mayfair Biotech Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Good Value Chemicals Pvt. Ltd. for failing to pay an operational debt of Rs 2,16,90,392. The applicant, Mayfair Biotech, claimed to have supplied goods/chemicals and provided services to Good Value Chemicals. The corporate debtor allegedly delayed payments, leading to outstanding dues. The operational creditor issued a demand notice, but the corporate debtor claimed a pre-existing dispute.
Mayfair Biotech Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Good Value Chemicals Pvt. Ltd. (Corporate Debtor) for an unpaid operational debt of Rs 2,16,90,392. As per an agreement dated 10.04.2015, Mayfair Biotech supplied goods/chemicals and provided services to Good Value Chemicals. The Corporate Debtor allegedly delayed payments, leading to the outstanding debt. Mayfair Biotech issued a demand notice on 21.12.2019 under Section 8 of the IBC. Good Value Chemicals replied on 31.12.2019, claiming a pre-existing dispute and substandard quality of goods supplied, issuing debit notes on 02.04.2019 and 04.04.2019. Mayfair Biotech also
…Agreement executed between Mayfair Biotech and…
Corporate Debtor claims…