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 the recovery of advance money and not an operational debt, and that they continued to supply goods even after the alleged default date.
AMC Chemicals Private Limited (Operational Creditor) filed an application under Section 9 of the I&B Code against PJM Minerals and Industries Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed an outstanding debt of Rs. 1,78,51,034/- for the non-supply of Manganese Oxide Powder after receiving advance payments. The Corporate Debtor argued that the application was for recovery of advance money, not an operational debt, and that they continued supplying goods even after the alleged default date of 15.02.2020 until 01.03.2020. The Operational Creditor issued a demand notice on 29.07.2020. The Corporate Debtor claimed the demand notice was wrongfully issued. The Operational Creditor filed the application on 11.08.2020, before the
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The Operational Creditor filed 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 the recovery of advance money and not an operational debt, and that they continued to supply goods even after the alleged default date.
AMC Chemicals Private Limited (Operational Creditor) filed an application under Section 9 of the I&B Code against PJM Minerals and Industries Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed an outstanding debt of Rs. 1,78,51,034/- for the non-supply of Manganese Oxide Powder after receiving advance payments. The Corporate Debtor argued that the application was for recovery of advance money, not an operational debt, and that they continued supplying goods even after the alleged default date of 15.02.2020 until 01.03.2020. The Operational Creditor issued a demand notice on 29.07.2020. The Corporate Debtor claimed the demand notice was wrongfully issued. The Operational Creditor filed the application on 11.08.2020, before the
…The Operational Creditor filed a Board…
The Operational Creditor issued a Demand Notice…