The case involves an application filed by Saudi Basic Industries Corporation (SABIC), the operational creditor, against Prayag Polytech Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. SABIC claimed default in payment for goods supplied to Prayag Polytech. The corporate debtor contested the application, alleging quality issues with the goods and claiming that the operational creditor had already received payment from an insurance company, Tawuniya, for the outstanding debt. The corporate debtor also filed an Interim Application (IA) seeking dismissal of the insolvency petition.
Saudi Basic Industries Corporation (SABIC) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Prayag Polytech Pvt. Ltd. for default in payment of USD 127,340. SABIC and Prayag Polytech entered into a Sale Order Reference No. 02/5522 for the purchase of 519.75 metric tons of goods. SABIC raised Invoice No. 200157677 dated 06.06.2017 for USD 403,920, with a due date of 04.09.2017. Prayag Polytech made a part payment of USD 276,580, leaving an outstanding balance of USD 127,340. SABIC sent several emails requesting payment. Prayag Polytech claimed quality issues with the goods and that SABIC had received payment from Tawuniya, an insurance company. SABIC had an insurance policy with Tawuniya that covered losses due to non-payment.
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The case involves an application filed by Saudi Basic Industries Corporation (SABIC), the operational creditor, against Prayag Polytech Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. SABIC claimed default in payment for goods supplied to Prayag Polytech. The corporate debtor contested the application, alleging quality issues with the goods and claiming that the operational creditor had already received payment from an insurance company, Tawuniya, for the outstanding debt. The corporate debtor also filed an Interim Application (IA) seeking dismissal of the insolvency petition.
Saudi Basic Industries Corporation (SABIC) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Prayag Polytech Pvt. Ltd. for default in payment of USD 127,340. SABIC and Prayag Polytech entered into a Sale Order Reference No. 02/5522 for the purchase of 519.75 metric tons of goods. SABIC raised Invoice No. 200157677 dated 06.06.2017 for USD 403,920, with a due date of 04.09.2017. Prayag Polytech made a part payment of USD 276,580, leaving an outstanding balance of USD 127,340. SABIC sent several emails requesting payment. Prayag Polytech claimed quality issues with the goods and that SABIC had received payment from Tawuniya, an insurance company. SABIC had an insurance policy with Tawuniya that covered losses due to non-payment.
…Applicant/Operational…
Due date fo…