The Operational Creditor (BASF India Ltd.) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against the Corporate Debtor (Meghaarika International Pvt Ltd.) for default in payment of an operational debt amounting to Rs. 1,72,85,197.34. The debt arose from a High Seas Sale agreement entered into between the parties on 15.01.2020, where the Operational Creditor agreed to sell Isobutanol to the Corporate Debtor. The Corporate Debtor failed to make the payment by the due date of 15.03.2020, leading to the issuance of a demand notice by the Operational Creditor on 19.10.2020.
BASF India Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against Meghaarika International Pvt Ltd. (Corporate Debtor) for default in payment of Rs. 1,72,85,197.34. The debt stemmed from a High Seas Sale agreement dated 15.01.2020, where BASF agreed to sell Isobutanol to Meghaarika. An invoice was raised on 15.01.2020 for Rs. 1,52,25,950 with a credit period of 60 days, making the due date 15.03.2020. GAC Shipping (India) Private Limited issued a delivery order on 24.01.2020, and Meghaarika took physical delivery of the Isobutanol. Meghaarika did not pay by the due date, and BASF sent a letter on 22.04.2020 demanding payment of Rs. 4,32,36,530 (including another invoice). A demand notice in Form-3 was issued on 19.10.2020. Meghaarika claimed
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BASF India Ltd. and Meghaarika International…
BASF India Ltd. raised…
The Operational Creditor (BASF India Ltd.) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against the Corporate Debtor (Meghaarika International Pvt Ltd.) for default in payment of an operational debt amounting to Rs. 1,72,85,197.34. The debt arose from a High Seas Sale agreement entered into between the parties on 15.01.2020, where the Operational Creditor agreed to sell Isobutanol to the Corporate Debtor. The Corporate Debtor failed to make the payment by the due date of 15.03.2020, leading to the issuance of a demand notice by the Operational Creditor on 19.10.2020.
BASF India Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against Meghaarika International Pvt Ltd. (Corporate Debtor) for default in payment of Rs. 1,72,85,197.34. The debt stemmed from a High Seas Sale agreement dated 15.01.2020, where BASF agreed to sell Isobutanol to Meghaarika. An invoice was raised on 15.01.2020 for Rs. 1,52,25,950 with a credit period of 60 days, making the due date 15.03.2020. GAC Shipping (India) Private Limited issued a delivery order on 24.01.2020, and Meghaarika took physical delivery of the Isobutanol. Meghaarika did not pay by the due date, and BASF sent a letter on 22.04.2020 demanding payment of Rs. 4,32,36,530 (including another invoice). A demand notice in Form-3 was issued on 19.10.2020. Meghaarika claimed
…BASF India Ltd. and Meghaarika International…
BASF India Ltd. raised…