NCLT Ahmedabad admits insolvency petition against Multisapphire Trading LLP for defaulting on USD 311,520 operational debt to Chinese supplier A.H.A. International.
The debt arose from a July 2023 contract for Monosodium Glutamate supply, with default occurring on 1st November 2023 after goods were received and consumed.
Tribunal finds all Section 9 IBC requirements met, including existence of debt, default, served demand notice, and no pre-existing dispute.
Mr. Varun Anil Chopra appointed as Interim Resolution Professional; operational creditor directed to pay Rs. 3 lakh advance for CIRP costs.