The case originates from a petition filed by Vasavi Traders, the Operational Creditor, against Piyush Pharmachem (India) Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 1,28,45,967/-, which included a principal amount of Rs. 82,82,762/- and interest of Rs. 45,63,205/- calculated at 24% per annum from the invoice date to the demand notice date. The Corporate Debtor contested the claim, arguing that they had already paid a significant portion of the debt and that the Operational Creditor had wrongly claimed the debt amount.
Mr. Kolluru Venkatesh (M/s. Vasavi Traders), the Operational Creditor, is in the business of selling chemicals and allied products. M/s. Piyush Pharmachem (India) Private Limited, the Corporate Debtor, is engaged in trading and supplying industrial and pharmaceutical chemicals. The Operational Creditor supplied materials to the Corporate Debtor based on purchase orders and issued tax invoices. The Corporate Debtor received the chemicals and acknowledged their receipt. The Corporate Debtor failed to make payments, leading the Operational Creditor to issue a demand notice dated 2020-01-20 for Rs. 2,14,20,762/-, including principal and interest. Some payments were made after the initial demand notice. A second demand notice was issued on 2020-09-14 for Rs. 1,28,45,967/-,
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Operational Creditor issued a demand…
Operational Creditor issued a second demand…
The case originates from a petition filed by Vasavi Traders, the Operational Creditor, against Piyush Pharmachem (India) Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 1,28,45,967/-, which included a principal amount of Rs. 82,82,762/- and interest of Rs. 45,63,205/- calculated at 24% per annum from the invoice date to the demand notice date. The Corporate Debtor contested the claim, arguing that they had already paid a significant portion of the debt and that the Operational Creditor had wrongly claimed the debt amount.
Mr. Kolluru Venkatesh (M/s. Vasavi Traders), the Operational Creditor, is in the business of selling chemicals and allied products. M/s. Piyush Pharmachem (India) Private Limited, the Corporate Debtor, is engaged in trading and supplying industrial and pharmaceutical chemicals. The Operational Creditor supplied materials to the Corporate Debtor based on purchase orders and issued tax invoices. The Corporate Debtor received the chemicals and acknowledged their receipt. The Corporate Debtor failed to make payments, leading the Operational Creditor to issue a demand notice dated 2020-01-20 for Rs. 2,14,20,762/-, including principal and interest. Some payments were made after the initial demand notice. A second demand notice was issued on 2020-09-14 for Rs. 1,28,45,967/-,
…Operational Creditor issued a demand…
Operational Creditor issued a second demand…