M/s Vijay Paints & Chemicals, an 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 Petro Private Limited, the corporate debtor, due to an unpaid operational debt. The operational creditor claimed a default of Rs. 7,91,121/- arising from the supply of Ethyl Acetate to the corporate debtor between 16.03.2018 and 08.09.2018. The corporate debtor contended that the supplied chemical was of poor quality, leading to losses, and that litigation was pending in the Commercial Court regarding the same. The Adjudicating Authority examined whether the demand notice was properly served, whether the debt was disputed, and whether the application was

M/s Vijay Paints & Chemicals, an 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 Petro Private Limited, the corporate debtor, due to an unpaid operational debt. The operational creditor claimed a default of Rs. 7,91,121/- arising from the supply of Ethyl Acetate to the corporate debtor between 16.03.2018 and 08.09.2018. The corporate debtor contended that the supplied chemical was of poor quality, leading to losses, and that litigation was pending in the Commercial Court regarding the same. The Adjudicating Authority examined whether the demand notice was properly served, whether the debt was disputed, and whether the application was