The case involves an application filed by the Operational Creditor, M/s. Valiant Organics Limited, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against the Corporate Debtor, M/S. Nilkanth Organics Pvt. Ltd., to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied as per purchase orders. The Corporate Debtor contested the application, alleging pre-existing disputes regarding the quality of goods supplied.
M/s. Valiant Organics Limited (Operational Creditor) filed an application under Section 9 of the IBC, 2016, against M/s. Nilkanth Organics Pvt. Ltd. (Corporate Debtor) for initiating CIRP due to unpaid invoices. The Corporate Debtor was incorporated on 12.04.1990 with an authorized capital of Rs. 11,00,00,000/-. The default amount was stated to be Rs. 1,50,76,914/- as on 15.02.2024. The Operational Creditor supplied speciality chemicals to the Corporate Debtor based on purchase orders dated 14.03.2022 and 15.04.2022. The Corporate Debtor claimed that the supplied raw materials were of inferior quality and were rejected, leading to a loss of Rs. 1,95,69,948/-. The Corporate Debtor also filed a pre-institution mediation case. The Operational Creditor issued demand
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Nilkanth Organics Pvt. Ltd. was…
One of the purchase…
The case involves an application filed by the Operational Creditor, M/s. Valiant Organics Limited, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against the Corporate Debtor, M/S. Nilkanth Organics Pvt. Ltd., to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied as per purchase orders. The Corporate Debtor contested the application, alleging pre-existing disputes regarding the quality of goods supplied.
M/s. Valiant Organics Limited (Operational Creditor) filed an application under Section 9 of the IBC, 2016, against M/s. Nilkanth Organics Pvt. Ltd. (Corporate Debtor) for initiating CIRP due to unpaid invoices. The Corporate Debtor was incorporated on 12.04.1990 with an authorized capital of Rs. 11,00,00,000/-. The default amount was stated to be Rs. 1,50,76,914/- as on 15.02.2024. The Operational Creditor supplied speciality chemicals to the Corporate Debtor based on purchase orders dated 14.03.2022 and 15.04.2022. The Corporate Debtor claimed that the supplied raw materials were of inferior quality and were rejected, leading to a loss of Rs. 1,95,69,948/-. The Corporate Debtor also filed a pre-institution mediation case. The Operational Creditor issued demand
…Nilkanth Organics Pvt. Ltd. was…
One of the purchase…