An application was filed by Anil Kumar, proprietor of Kay Pee Steels, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Air Movement & Control System Private Ltd. due to an alleged default of Rs. 9,09,672/- along with interest. The respondent had purchased goods from the applicant during 2018, and despite making partial payments, a significant amount remained outstanding.
Anil Kumar, proprietor of Kay Pee Steels, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Air Movement & Control System Private Ltd. The claim was based on an alleged default of Rs. 9,09,672/- plus interest. During 2018, the respondent purchased goods from the applicant, resulting in an amount of Rs. 30,83,660/-. The respondent made a partial payment of Rs. 21,73,988/-, leaving an outstanding balance of Rs. 9,09,672/-. The respondent issued two postdated cheques totaling Rs. 4,50,000/- which were dishonored due to 'insufficient balance'. The applicant sent a demand notice on 01.07.2019, seeking Rs. 10,27,310/-, which included the principal amount and interest. The notice sent to the respondent's registered
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During the year 2018, the Respondent…
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An application was filed by Anil Kumar, proprietor of Kay Pee Steels, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Air Movement & Control System Private Ltd. due to an alleged default of Rs. 9,09,672/- along with interest. The respondent had purchased goods from the applicant during 2018, and despite making partial payments, a significant amount remained outstanding.
Anil Kumar, proprietor of Kay Pee Steels, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Air Movement & Control System Private Ltd. The claim was based on an alleged default of Rs. 9,09,672/- plus interest. During 2018, the respondent purchased goods from the applicant, resulting in an amount of Rs. 30,83,660/-. The respondent made a partial payment of Rs. 21,73,988/-, leaving an outstanding balance of Rs. 9,09,672/-. The respondent issued two postdated cheques totaling Rs. 4,50,000/- which were dishonored due to 'insufficient balance'. The applicant sent a demand notice on 01.07.2019, seeking Rs. 10,27,310/-, which included the principal amount and interest. The notice sent to the respondent's registered
…During the year 2018, the Respondent…
Applicant supplied…