The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Vasudha Pharma Chem Limited (Operational Creditor) against La Chemico Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed a default amount of Rs. 52,28,549/- plus interest. The Corporate Debtor argued that there was a pre-existing dispute regarding the quantity and supply of goods, and that the Operational Creditor was using the Code to extort illegal demands.
Vasudha Pharma Chem Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against La Chemico Private Limited (Corporate Debtor) for unpaid operational debt amounting to Rs. 52,28,549/- plus interest. The debt arose from the supply of pellets on credit basis, with an agreement for payment within 120 days. The Corporate Debtor made partial payments totaling Rs. 30,90,464/- but failed to pay the balance. The Operational Creditor issued a demand notice under Section 8 of the IBC, to which the Corporate Debtor replied, raising disputes regarding the quantity and supply of goods. The Corporate Debtor claimed that the Operational Creditor failed to supply the full order of raw materials, leading to losses and penalties
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Government of West…
Corporate Debtor placed…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Vasudha Pharma Chem Limited (Operational Creditor) against La Chemico Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed a default amount of Rs. 52,28,549/- plus interest. The Corporate Debtor argued that there was a pre-existing dispute regarding the quantity and supply of goods, and that the Operational Creditor was using the Code to extort illegal demands.
Vasudha Pharma Chem Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against La Chemico Private Limited (Corporate Debtor) for unpaid operational debt amounting to Rs. 52,28,549/- plus interest. The debt arose from the supply of pellets on credit basis, with an agreement for payment within 120 days. The Corporate Debtor made partial payments totaling Rs. 30,90,464/- but failed to pay the balance. The Operational Creditor issued a demand notice under Section 8 of the IBC, to which the Corporate Debtor replied, raising disputes regarding the quantity and supply of goods. The Corporate Debtor claimed that the Operational Creditor failed to supply the full order of raw materials, leading to losses and penalties
…Government of West…
Corporate Debtor placed…