The NCLT bench of judicial member Shammi Khan and technical member Sanjeev Sharma rejected Polycab’s defence.
“Item on the Purchase Order states that the purchase price for products payable by Polycab shall be as specified in the PO, fixed, firm, and cannot be varied without the prior written consent from Polycab… We do not find any correspondence that disputes the quantity, quality, or charges for delayed supplies if any. No debit note is raised by the Corporate Debtor to support its position,” the bench recorded.
“We do not think it is a material issue because the CD has not submitted any final invoice that differed from the provisional invoice,” the NCLT further recorded.
The Ahmedabad bench consequently initiated CIRP and…