IVL Dhunseri Petrochem Industries Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Iceberg Aqua Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to an outstanding debt of Rs. 1,85,07,839.49. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the supply of Polyethylene Terephthalate Resin. The Corporate Debtor argued that the petition was defective, filed in complete negligence of Regulation 2B of the IBBI (Insolvency resolution Process for Corporate Persons), 2016, and that there was a pre-existing dispute regarding the quality of goods.
IVL Dhunseri Petrochem Industries Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Iceberg Aqua Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed a default of Rs. 1,85,07,839.49 based on the supply of Polyethylene Terephthalate Resin from 2015 onwards. The Corporate Debtor raised purchase orders, and the Operational Creditor supplied goods accordingly. The Corporate Debtor made a part payment of Rs. 10,00,000 on 20.02.2021 but defaulted on the remaining amount. The Operational Creditor issued a demand notice on 18.08.2022. The Corporate Debtor argued that the default date fell within the period specified under Section 10A of the Code (25.03.2020 to
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Operational Creditor and Corporate Debtor…
Corporate Debtor made a…
IVL Dhunseri Petrochem Industries Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Iceberg Aqua Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to an outstanding debt of Rs. 1,85,07,839.49. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the supply of Polyethylene Terephthalate Resin. The Corporate Debtor argued that the petition was defective, filed in complete negligence of Regulation 2B of the IBBI (Insolvency resolution Process for Corporate Persons), 2016, and that there was a pre-existing dispute regarding the quality of goods.
IVL Dhunseri Petrochem Industries Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Iceberg Aqua Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed a default of Rs. 1,85,07,839.49 based on the supply of Polyethylene Terephthalate Resin from 2015 onwards. The Corporate Debtor raised purchase orders, and the Operational Creditor supplied goods accordingly. The Corporate Debtor made a part payment of Rs. 10,00,000 on 20.02.2021 but defaulted on the remaining amount. The Operational Creditor issued a demand notice on 18.08.2022. The Corporate Debtor argued that the default date fell within the period specified under Section 10A of the Code (25.03.2020 to
…Operational Creditor and Corporate Debtor…
Corporate Debtor made a…