The initiation of the corporate insolvency resolution process against GLS Films Industries Private Limited was initially denied by the adjudicating authority (NCLT) but reversed by the appellate authority (NCLAT). GLS Films Industries Private Limited, being the corporate debtor, appealed against the NCLAT's decision.
Chemical Suppliers India Private Limited filed a Company Petition (IB)-792(ND) of 2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016 against GLS Films Industries Private Limited.
GLS Films Industries Private Limited claimed that Chemical Suppliers India Private Limited supplied defective chemicals, leading to a pre-existing dispute.
GLS Films Industries Private Limited issued a debit note on 31.12.2021 for ₹2,42,11,648/- due to losses from defective supplies.
GLS Films Industries Private Limited lodged a police complaint on 27.09.2021 regarding the defective supplies and pressure tactics by Chemical Suppliers India Private Limited.
The NCLT initially dismissed the application, finding a plausible pre-existing dispute.
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Company Petition (IB)-792(ND) of 2021 was…
Demand notice dated 11.11.2021 was issued by…
The initiation of the corporate insolvency resolution process against GLS Films Industries Private Limited was initially denied by the adjudicating authority (NCLT) but reversed by the appellate authority (NCLAT). GLS Films Industries Private Limited, being the corporate debtor, appealed against the NCLAT's decision.
Chemical Suppliers India Private Limited filed a Company Petition (IB)-792(ND) of 2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016 against GLS Films Industries Private Limited.
GLS Films Industries Private Limited claimed that Chemical Suppliers India Private Limited supplied defective chemicals, leading to a pre-existing dispute.
GLS Films Industries Private Limited issued a debit note on 31.12.2021 for ₹2,42,11,648/- due to losses from defective supplies.
GLS Films Industries Private Limited lodged a police complaint on 27.09.2021 regarding the defective supplies and pressure tactics by Chemical Suppliers India Private Limited.
The NCLT initially dismissed the application, finding a plausible pre-existing dispute.
…Company Petition (IB)-792(ND) of 2021 was…
Demand notice dated 11.11.2021 was issued by…