The case involves an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by M/s Morex Corporation Limited (Operational Creditor) against Jindal Poly Films Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to default in payment of an outstanding operational debt of Rs. 3,42,60,000/-. The Operational Creditor claimed that the Corporate Debtor failed to deliver contracted goods (non-woven fabric) after receiving an advance payment of Rs. 3,00,00,000/-. The Corporate Debtor contended that the goods were manufactured but could not be exported due to a government ban imposed due to the COVID-19 pandemic, and that a pre-existing dispute existed regarding the termination of the contract.
Morex Corporation Ltd. (Operational Creditor) placed a purchase order with Jindal Poly Films Ltd. (Corporate Debtor) for the supply of non-woven fabric (SSMMS) in February 2020. The order was for 50,000 Kgs to be delivered by March 15, 2020, later revised to March 23, 2020. Morex paid an advance of Rs. 3,00,00,000/-. Jindal Poly Films claims to have manufactured the goods by March 19, 2020. However, on March 19, 2020, the Government of India imposed a ban on the export of such goods due to the COVID-19 pandemic. Morex terminated the contract on April 1, 2020, and demanded a refund. Jindal Poly Films offered to supply the goods for local sale or wait until the export ban was lifted. Morex refused and filed an application under Section 9 of the IBC to initiate CIRP.
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Morex Corporation Ltd. placed a purchase order…
Morex Corporation Ltd. paid an advance of Rs.…
The case involves an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by M/s Morex Corporation Limited (Operational Creditor) against Jindal Poly Films Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to default in payment of an outstanding operational debt of Rs. 3,42,60,000/-. The Operational Creditor claimed that the Corporate Debtor failed to deliver contracted goods (non-woven fabric) after receiving an advance payment of Rs. 3,00,00,000/-. The Corporate Debtor contended that the goods were manufactured but could not be exported due to a government ban imposed due to the COVID-19 pandemic, and that a pre-existing dispute existed regarding the termination of the contract.
Morex Corporation Ltd. (Operational Creditor) placed a purchase order with Jindal Poly Films Ltd. (Corporate Debtor) for the supply of non-woven fabric (SSMMS) in February 2020. The order was for 50,000 Kgs to be delivered by March 15, 2020, later revised to March 23, 2020. Morex paid an advance of Rs. 3,00,00,000/-. Jindal Poly Films claims to have manufactured the goods by March 19, 2020. However, on March 19, 2020, the Government of India imposed a ban on the export of such goods due to the COVID-19 pandemic. Morex terminated the contract on April 1, 2020, and demanded a refund. Jindal Poly Films offered to supply the goods for local sale or wait until the export ban was lifted. Morex refused and filed an application under Section 9 of the IBC to initiate CIRP.
…Morex Corporation Ltd. placed a purchase order…
Morex Corporation Ltd. paid an advance of Rs.…