The case involves a petition filed by M/s. Wacker Chemie AG, an operational creditor, against M/s. Mccoy Silicones Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Wacker Chemie AG claimed outstanding dues of USD 228,924 based on invoices raised in September 2009. Mccoy Silicones Limited contested the petition, asserting the existence of a pre-existing dispute, the petition being barred by limitation, and non-service of the demand notice. The corporate debtor argued that Wacker Chemie AG had breached the distribution agreement and that the debt was subject to a negotiated settlement. Previous legal actions, including a winding-up petition and related appeals,
…M/s. Wacker Chemie AG (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Mccoy Silicones Limited (Corporate Debtor) for outstanding dues of USD 228,924 based on five invoices raised in September 2009. A distribution agreement existed between Wacker Chemicals (South Asia) Private Limited (subsidiary of Wacker Chemie AG) and Mccoy Silicones Limited, where Mccoy acted as a distributor for Wacker's silicone sealant cartridges. Wacker Chemie AG claimed that Mccoy Silicones Limited defaulted on payments. Mccoy Silicones Limited argued that there was a pre-existing dispute, that Wacker Chemie AG had breached the distribution agreement, and that the petition was barred by limitation. Mccoy Silicones Limited also
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Distribution Agreement dated 29.04.1999…
Five invoices raised by…
The case involves a petition filed by M/s. Wacker Chemie AG, an operational creditor, against M/s. Mccoy Silicones Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Wacker Chemie AG claimed outstanding dues of USD 228,924 based on invoices raised in September 2009. Mccoy Silicones Limited contested the petition, asserting the existence of a pre-existing dispute, the petition being barred by limitation, and non-service of the demand notice. The corporate debtor argued that Wacker Chemie AG had breached the distribution agreement and that the debt was subject to a negotiated settlement. Previous legal actions, including a winding-up petition and related appeals,
…M/s. Wacker Chemie AG (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Mccoy Silicones Limited (Corporate Debtor) for outstanding dues of USD 228,924 based on five invoices raised in September 2009. A distribution agreement existed between Wacker Chemicals (South Asia) Private Limited (subsidiary of Wacker Chemie AG) and Mccoy Silicones Limited, where Mccoy acted as a distributor for Wacker's silicone sealant cartridges. Wacker Chemie AG claimed that Mccoy Silicones Limited defaulted on payments. Mccoy Silicones Limited argued that there was a pre-existing dispute, that Wacker Chemie AG had breached the distribution agreement, and that the petition was barred by limitation. Mccoy Silicones Limited also
…Distribution Agreement dated 29.04.1999…
Five invoices raised by…