The National Company Law Tribunal (NCLT), Ahmedabad Bench, has admitted an insolvency petition, initiating the Corporate Insolvency Resolution Process(CIRP) over unpaid operational dues. Also found that the corporate debtor defaulted on payments amounting to ₹5.86 crore, including contractual interest, even after service of a statutory demand notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), 2016.
The petition was filed by Piyush Pharmachem (India) Pvt. Ltd., an operational creditor engaged in the supply of chemicals and solvents, claiming default of ₹5.86 crore (including contractual interest at 18% per annum).
The counsel for Shiva Dyestuff Pvt. Ltd. opposed the petition and contended that …