Piyush Pharmachem (India) Private Limited Vs Shiva Dyestuff Private Limited (NCLT Ahmedabad)
The present petition was filed on 03.12.2025 under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the Operational Creditor seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for default in payment of operational debt amounting to ₹5,86,08,827, comprising principal of ₹5,50,04,143 and contractual interest of ₹36,04,684 calculated at 18% per annum up to 23.06.2025.
The Operational Creditor is engaged in the business of trading and supply of chemicals and had supplied goods to the Corporate Debtor pursuant to multiple purchase orders issued during FY 2024–25. These supplies were made under various invoices raised between September 2024 and January 2025, with agreed payment terms requiring settlement within ninety days, failing which interest was payable. The ledger account and supporting documents reflected that despite regular transactions and partial payments, an outstanding amount remained unpaid beyond the stipulated credit period.
The date of default was determined invoice-wise, falling between 08.12.2024 and 08.04.2025. The Operational Creditor issued a statutory demand notice dated 24.06.2025 under Section 8 of the Code, which was duly served upon the Corporate Debtor. Despite service of notice and prior acknowledgment of liability through email communications, no payment was made. The Operational Creditor also produced bank statements confirming non-receipt of payment after issuance of the demand notice.
