Rashtriya Polymers & Solvent Vs Pushpak Auxichem Private Limited (NCLT Mumbai)
NCLT Mumbai held that application u/s. 9 of the Insolvency and Bankruptcy Code admitted as allegation of pre-existing dispute pertaining to quality, quantity and defective nature of goods not proved.
Facts- This Company Petition was filed on 13.12.2024 u/s. 9 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) read with Rule 6 of the Insolvency and Bankruptcy by Mr. Anil Kumar Gupta, Sole Proprietor of M/s Rashtriya Polymers & Solvent, the Operational Creditor (OC), for initiating Corporate Insolvency Resolution Process (CIRP) of Pushpak Auxichem Private Limited, the Corporate Debtor (CD). The total amount of default alleged is Rs. 1,45,01,717/- including Principal amount of Rs. 1,30,28,852/- and interest amount of Rs. 14,72,865/- @ 24% per annum as mentioned in the invoices.
Conclusion- Based on the invoices, e-way bills for all the supplies made, demand notice, and the absence of a genuine pre-existing dispute, the Operational Creditor has successfully established the existence of an operational debt exceeding 1 crore and a continuing default. As per part IV of the Application, the date of default is 08.06.2024. This Application was filed on 13.12.2024 and is within 3 years of the date of default and hence within limitation.
