The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. MM Aqua Technologies Ltd. (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Veda Chem Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the materials supplied as per the purchase order. The Corporate Debtor made a partial payment, but a significant amount remained unpaid. The Operational Creditor issued a demand notice, but the Corporate Debtor failed to respond or make the outstanding payments, leading to the filing of the application for CIRP.
M/s. MM Aqua Technologies Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Veda Chem Private Limited (Corporate Debtor) for non-payment of dues. The Operational Creditor supplied materials to the Corporate Debtor as per a purchase order dated 12.09.2017. An invoice of Rs. 16,62,266/- was raised on 15.09.2017, and the materials were duly supplied. The Corporate Debtor made a partial payment of Rs. 5,81,740/-, leaving a balance of Rs. 10,80,526/- unpaid. The Corporate Debtor admitted the debt via email dated 25.04.2018. The Operational Creditor raised a demand for Rs. 13,37,366/- (inclusive of interest) via a demand notice dated 30.01.2019. A cheque of Rs. 1,50,000/- issued by the Corporate Debtor on 22.05.2019
…Sign in to view the parties.
A Purchase Order was…
An Invoice of Rs.…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. MM Aqua Technologies Ltd. (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Veda Chem Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the materials supplied as per the purchase order. The Corporate Debtor made a partial payment, but a significant amount remained unpaid. The Operational Creditor issued a demand notice, but the Corporate Debtor failed to respond or make the outstanding payments, leading to the filing of the application for CIRP.
M/s. MM Aqua Technologies Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Veda Chem Private Limited (Corporate Debtor) for non-payment of dues. The Operational Creditor supplied materials to the Corporate Debtor as per a purchase order dated 12.09.2017. An invoice of Rs. 16,62,266/- was raised on 15.09.2017, and the materials were duly supplied. The Corporate Debtor made a partial payment of Rs. 5,81,740/-, leaving a balance of Rs. 10,80,526/- unpaid. The Corporate Debtor admitted the debt via email dated 25.04.2018. The Operational Creditor raised a demand for Rs. 13,37,366/- (inclusive of interest) via a demand notice dated 30.01.2019. A cheque of Rs. 1,50,000/- issued by the Corporate Debtor on 22.05.2019
…A Purchase Order was…
An Invoice of Rs.…