Kotyark Industries Limited, 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 Global Medicines Limited, the Corporate Debtor, for defaulting on a payment of INR 3,79,81,906/-. The Operational Creditor claimed to have supplied goods to the Corporate Debtor between 29.07.2017 and 01.02.2020.
Kotyark Industries Limited filed an application under Section 9 of the IBC to initiate CIRP against Global Medicines Limited.
The claimed default amount is INR 3,79,81,906/- including interest, with a default date of 01.02.2020.
Kotyark Industries Limited supplied goods to Global Medicines Limited from 29.07.2017 to 01.02.2020 and raised invoices for each delivery.
Global Medicines Limited denies the allegations and claims no operational debt is due.
The respondent claims the interest of INR 2,77,14,209/- is based on the applicant's fabricated ledger.
The respondent claims the applicant is not entitled to claim interest because the goods were supplied after the purchase order and the purchase order does not contain any term for interest.
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Kotyark Industries Limited, 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 Global Medicines Limited, the Corporate Debtor, for defaulting on a payment of INR 3,79,81,906/-. The Operational Creditor claimed to have supplied goods to the Corporate Debtor between 29.07.2017 and 01.02.2020.
Kotyark Industries Limited filed an application under Section 9 of the IBC to initiate CIRP against Global Medicines Limited.
The claimed default amount is INR 3,79,81,906/- including interest, with a default date of 01.02.2020.
Kotyark Industries Limited supplied goods to Global Medicines Limited from 29.07.2017 to 01.02.2020 and raised invoices for each delivery.
Global Medicines Limited denies the allegations and claims no operational debt is due.
The respondent claims the interest of INR 2,77,14,209/- is based on the applicant's fabricated ledger.
The respondent claims the applicant is not entitled to claim interest because the goods were supplied after the purchase order and the purchase order does not contain any term for interest.
…The date of de…
Demand notice was…
Sign in to view related legal provisions.