M/s Vijay Paints & Chemicals, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Hanson Agro Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for goods delivered between 24.07.2018 and 26.09.2018. The corporate debtor contested the petition, alleging that the goods supplied were of poor quality and that there was pending litigation in the Commercial Court. The Adjudicating Authority examined the issues of whether the demand notice was valid, whether there was a pre-existing dispute, and whether the application was filed within the limitation period.
M/s Vijay Paints & Chemicals (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Hanson Agro Limited (Corporate Debtor) for unpaid operational debt. The Operational Creditor supplied Ethyl Acetate to the Corporate Debtor, promising payment against each invoice after delivery. Goods were delivered between 24.07.2018 and 26.09.2018, but payment was not received. The Corporate Debtor made payments via electronic transfer or cheques against invoices. A partial payment of Rs. 30,568/- was received against invoice B89, but no further payments were made. The amount claimed to be in default is Rs. 2,10,896/-, with the default occurring on 24.07.2018. The Operational Creditor issued a demand notice dated
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M/s Hanson Agro…
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M/s Vijay Paints & Chemicals, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Hanson Agro Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for goods delivered between 24.07.2018 and 26.09.2018. The corporate debtor contested the petition, alleging that the goods supplied were of poor quality and that there was pending litigation in the Commercial Court. The Adjudicating Authority examined the issues of whether the demand notice was valid, whether there was a pre-existing dispute, and whether the application was filed within the limitation period.
M/s Vijay Paints & Chemicals (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Hanson Agro Limited (Corporate Debtor) for unpaid operational debt. The Operational Creditor supplied Ethyl Acetate to the Corporate Debtor, promising payment against each invoice after delivery. Goods were delivered between 24.07.2018 and 26.09.2018, but payment was not received. The Corporate Debtor made payments via electronic transfer or cheques against invoices. A partial payment of Rs. 30,568/- was received against invoice B89, but no further payments were made. The amount claimed to be in default is Rs. 2,10,896/-, with the default occurring on 24.07.2018. The Operational Creditor issued a demand notice dated
…M/s Hanson Agro…
Date from which Bill…