The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by PMC YM-Pharma Pvt Ltd (Operational Creditor) against Krishna Premium Care Services LLP (Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of an alleged debt amounting to Rs. 1,90,50,250/-. The Corporate Debtor contested the application, alleging that the goods supplied were of inferior quality, leading to a pre-existing dispute. The NCLT Hyderabad Bench-1 examined whether an operational debt existed, whether there was a default, and whether a pre-existing dispute existed between the parties.
PMC YM-Pharma Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Krishna Premium Care Services LLP (Corporate Debtor), claiming a default in payment of Rs. 1,90,50,250/-. The Operational Creditor stated that it supplied FQ-Acid chemical components to the Corporate Debtor against five purchase orders, raised invoices, and paid GST. The Corporate Debtor took delivery of the goods without any demur or dispute but only paid Rs. 71,00,000/- against the total invoice amount of Rs. 2,65,50,250/-, leaving a balance of Rs. 1,90,50,250/- towards principal and Rs. 79,03,070/- towards interest as of 21.02.2019. The Operational Creditor issued a legal notice on 13.11.2020 and Form 3 and 4 notices on
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An amount of Rs. 1,90,50,250/- towards…
Legal notice issued on…
The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by PMC YM-Pharma Pvt Ltd (Operational Creditor) against Krishna Premium Care Services LLP (Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of an alleged debt amounting to Rs. 1,90,50,250/-. The Corporate Debtor contested the application, alleging that the goods supplied were of inferior quality, leading to a pre-existing dispute. The NCLT Hyderabad Bench-1 examined whether an operational debt existed, whether there was a default, and whether a pre-existing dispute existed between the parties.
PMC YM-Pharma Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Krishna Premium Care Services LLP (Corporate Debtor), claiming a default in payment of Rs. 1,90,50,250/-. The Operational Creditor stated that it supplied FQ-Acid chemical components to the Corporate Debtor against five purchase orders, raised invoices, and paid GST. The Corporate Debtor took delivery of the goods without any demur or dispute but only paid Rs. 71,00,000/- against the total invoice amount of Rs. 2,65,50,250/-, leaving a balance of Rs. 1,90,50,250/- towards principal and Rs. 79,03,070/- towards interest as of 21.02.2019. The Operational Creditor issued a legal notice on 13.11.2020 and Form 3 and 4 notices on
…An amount of Rs. 1,90,50,250/- towards…
Legal notice issued on…