M/s Khatu Shree Chem, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prayag Polytech Private Limited, the corporate debtor. The application was based on unpaid invoices for pigment red 53:1 material supplied by the operational creditor to the corporate debtor. The corporate debtor raised a dispute regarding the quality of the supplied goods, claiming they were defective.
M/s Khatu Shree Chem (Operational Creditor) supplied pigment red 53:1 material to Prayag Polytech Private Limited (Corporate Debtor). The Corporate Debtor approached the Applicant for the purchase of the goods. The Applicant issued invoices and challans from 2018-09-19 to 2018-12-10. The Operational Creditor issued a Demand Notice dated 2019-09-03 for Rs. 27,95,184/-. The total amount of debt claimed was Rs. 31,32,103/-, including principal and interest. The Corporate Debtor claimed that the pigments supplied were defective due to color variation, heat stability, and poor FPV. The Corporate Debtor raised a dispute regarding the quality of goods supplied by the Applicant in emails dated 2019-08-08 and 2019-09-19. The date of default was 2018-11-01.
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Applicant issued…
Applicant issued…
M/s Khatu Shree Chem, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prayag Polytech Private Limited, the corporate debtor. The application was based on unpaid invoices for pigment red 53:1 material supplied by the operational creditor to the corporate debtor. The corporate debtor raised a dispute regarding the quality of the supplied goods, claiming they were defective.
M/s Khatu Shree Chem (Operational Creditor) supplied pigment red 53:1 material to Prayag Polytech Private Limited (Corporate Debtor). The Corporate Debtor approached the Applicant for the purchase of the goods. The Applicant issued invoices and challans from 2018-09-19 to 2018-12-10. The Operational Creditor issued a Demand Notice dated 2019-09-03 for Rs. 27,95,184/-. The total amount of debt claimed was Rs. 31,32,103/-, including principal and interest. The Corporate Debtor claimed that the pigments supplied were defective due to color variation, heat stability, and poor FPV. The Corporate Debtor raised a dispute regarding the quality of goods supplied by the Applicant in emails dated 2019-08-08 and 2019-09-19. The date of default was 2018-11-01.
Applicant issued…
Applicant issued…