AMC Chemicals Private Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against PJM Minerals and Industries Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to supply the remaining raw materials after receiving advance payments, leading to an outstanding debt of Rs. 1,78,51,034/-. The Corporate Debtor argued that the application was not maintainable as it was for recovery of advance money and not an operational debt.
AMC Chemicals Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against PJM Minerals and Industries Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed that it had placed orders for Manganese Oxide Powder worth Rs. 5,07,41,057 with the Corporate Debtor, who supplied raw material and raised 57 invoices from August 2019 to March 2020. The Operational Creditor made advance payments, but the Corporate Debtor only supplied goods worth Rs. 3,28,90,023, leaving an outstanding amount of Rs. 1,78,51,034/-. The Operational Creditor issued a demand notice on 29.07.2020, but the Corporate Debtor did not issue a notice of dispute. The Corporate Debtor argued that the
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The Operational Creditor passed a Board…
The Operational Creditor issued a demand notice…
AMC Chemicals Private Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against PJM Minerals and Industries Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to supply the remaining raw materials after receiving advance payments, leading to an outstanding debt of Rs. 1,78,51,034/-. The Corporate Debtor argued that the application was not maintainable as it was for recovery of advance money and not an operational debt.
AMC Chemicals Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against PJM Minerals and Industries Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed that it had placed orders for Manganese Oxide Powder worth Rs. 5,07,41,057 with the Corporate Debtor, who supplied raw material and raised 57 invoices from August 2019 to March 2020. The Operational Creditor made advance payments, but the Corporate Debtor only supplied goods worth Rs. 3,28,90,023, leaving an outstanding amount of Rs. 1,78,51,034/-. The Operational Creditor issued a demand notice on 29.07.2020, but the Corporate Debtor did not issue a notice of dispute. The Corporate Debtor argued that the
…The Operational Creditor passed a Board…
The Operational Creditor issued a demand notice…