M/s. Sanchi Fine Chem Corp, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Vivin Drugs & Pharmaceuticals Ltd, the corporate debtor, for defaulting on a payment of Rs. 3,66,91,729/-. The operational creditor claimed to have supplied chemicals based on purchase orders from the corporate debtor, who acknowledged receipt but failed to make the necessary payments. The corporate debtor refuted the allegations, claiming a verbal agreement for extended payment terms due to temporary cash flow issues and arguing that the operational creditor acted in bad faith by initiating insolvency proceedings.
M/s. Sanchi Fine Chem Corp, the operational creditor, is a partnership firm engaged in selling chemicals. Vivin Drugs & Pharmaceuticals Ltd, the corporate debtor, is a pharmaceutical company. The operational creditor supplied chemicals to the corporate debtor based on purchase orders issued between 04.07.2023 and 27.11.2023. The corporate debtor acknowledged receiving the materials but failed to pay Rs. 3,66,91,729/- along with interest. The operational creditor issued demand notices on 17.04.2024, which the corporate debtor did not respond to. The corporate debtor claimed a verbal agreement for extended payment terms due to cash flow issues and offered to reconcile accounts. The operational creditor disputed this claim and initiated insolvency proceedings. The
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The corporate debtor issued purchase orders…
The operational creditor issued tax…
M/s. Sanchi Fine Chem Corp, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Vivin Drugs & Pharmaceuticals Ltd, the corporate debtor, for defaulting on a payment of Rs. 3,66,91,729/-. The operational creditor claimed to have supplied chemicals based on purchase orders from the corporate debtor, who acknowledged receipt but failed to make the necessary payments. The corporate debtor refuted the allegations, claiming a verbal agreement for extended payment terms due to temporary cash flow issues and arguing that the operational creditor acted in bad faith by initiating insolvency proceedings.
M/s. Sanchi Fine Chem Corp, the operational creditor, is a partnership firm engaged in selling chemicals. Vivin Drugs & Pharmaceuticals Ltd, the corporate debtor, is a pharmaceutical company. The operational creditor supplied chemicals to the corporate debtor based on purchase orders issued between 04.07.2023 and 27.11.2023. The corporate debtor acknowledged receiving the materials but failed to pay Rs. 3,66,91,729/- along with interest. The operational creditor issued demand notices on 17.04.2024, which the corporate debtor did not respond to. The corporate debtor claimed a verbal agreement for extended payment terms due to cash flow issues and offered to reconcile accounts. The operational creditor disputed this claim and initiated insolvency proceedings. The
…The corporate debtor issued purchase orders…
The operational creditor issued tax…