The case involves an application filed by Noveltech Feeds Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mahimegha Agritech Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) and appoint an Interim Resolution Professional (IRP). Noveltech Feeds claimed that Mahimegha Agritech had placed orders for poultry feed, resulting in outstanding bills. The operational creditor, Noveltech Feeds, issued a demand notice to the corporate debtor, Mahimegha Agritech, for the outstanding amount.
Noveltech Feeds Private Limited (Operational Creditor) supplied poultry feed to Mahimegha Agritech Private Limited (Corporate Debtor) based on purchase orders. Invoices were raised for Rs. 1,66,40,224.18, which became due on 2021-10-21. Due to delays, an outstanding amount of Rs. 1,66,40,224.18 towards principal and Rs. 26,57,734 towards interest (at 24% per annum from 2021-10-21 to 2022-06-20) accrued, totaling Rs. 1,92,97,958.18. Noveltech Feeds issued a demand notice on 2022-06-17. The Corporate Debtor did not dispute the purchase orders or supply of materials. The Corporate Debtor failed to file a vakalat or counter-affidavit despite being granted time by the Adjudicating Authority. The Adjudicating Authority found that the operational debt exceeded the threshold
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The principal amount of…
Noveltech Feeds Private Limited issued a…
The case involves an application filed by Noveltech Feeds Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mahimegha Agritech Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) and appoint an Interim Resolution Professional (IRP). Noveltech Feeds claimed that Mahimegha Agritech had placed orders for poultry feed, resulting in outstanding bills. The operational creditor, Noveltech Feeds, issued a demand notice to the corporate debtor, Mahimegha Agritech, for the outstanding amount.
Noveltech Feeds Private Limited (Operational Creditor) supplied poultry feed to Mahimegha Agritech Private Limited (Corporate Debtor) based on purchase orders. Invoices were raised for Rs. 1,66,40,224.18, which became due on 2021-10-21. Due to delays, an outstanding amount of Rs. 1,66,40,224.18 towards principal and Rs. 26,57,734 towards interest (at 24% per annum from 2021-10-21 to 2022-06-20) accrued, totaling Rs. 1,92,97,958.18. Noveltech Feeds issued a demand notice on 2022-06-17. The Corporate Debtor did not dispute the purchase orders or supply of materials. The Corporate Debtor failed to file a vakalat or counter-affidavit despite being granted time by the Adjudicating Authority. The Adjudicating Authority found that the operational debt exceeded the threshold
…The principal amount of…
Noveltech Feeds Private Limited issued a…