FM India Supply Chain Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against IMP Powers Ltd., the Corporate Debtor, due to a default in paying an operational debt of Rs. 40,33,500. The application was filed before the amendment to Section 4 of the IBC, which raised the minimum default amount to Rs. 1,00,00,000. The Corporate Debtor raised defenses, claiming a pre-existing dispute and that nothing was due. The Hon'ble NCLAT had set aside an earlier order of Hon'ble NCLT Principal Bench, which had impleaded MCA as Respondent No.2.
FM India Supply Chain Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against IMP Powers Ltd. (Corporate Debtor). The Operational Creditor provides transportation, co-packing, logistics, and warehousing services. Between 2018-09-21 and 2019-02-15, the Corporate Debtor availed transportation services from the Operational Creditor, who raised invoices for these services. The Corporate Debtor paid some amount but allegedly left Rs. 40,33,500 unpaid. The Operational Creditor served a demand notice under Section 8 of the IBC on 2019-04-22. The Corporate Debtor replied, raising defenses but not clearing the debt. The Corporate Debtor claimed that the Operational Creditor failed to comply with the work order terms and
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Corporate Debtor…
Corporate Debtor…
FM India Supply Chain Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against IMP Powers Ltd., the Corporate Debtor, due to a default in paying an operational debt of Rs. 40,33,500. The application was filed before the amendment to Section 4 of the IBC, which raised the minimum default amount to Rs. 1,00,00,000. The Corporate Debtor raised defenses, claiming a pre-existing dispute and that nothing was due. The Hon'ble NCLAT had set aside an earlier order of Hon'ble NCLT Principal Bench, which had impleaded MCA as Respondent No.2.
FM India Supply Chain Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against IMP Powers Ltd. (Corporate Debtor). The Operational Creditor provides transportation, co-packing, logistics, and warehousing services. Between 2018-09-21 and 2019-02-15, the Corporate Debtor availed transportation services from the Operational Creditor, who raised invoices for these services. The Corporate Debtor paid some amount but allegedly left Rs. 40,33,500 unpaid. The Operational Creditor served a demand notice under Section 8 of the IBC on 2019-04-22. The Corporate Debtor replied, raising defenses but not clearing the debt. The Corporate Debtor claimed that the Operational Creditor failed to comply with the work order terms and
…Corporate Debtor…
Corporate Debtor…