Electro Poles Products Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against APE Power Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to pay legitimate dues for materials supplied based on purchase orders. The Corporate Debtor disputed the claim, alleging that the application was not authorized and that the claim was barred by limitation. The Corporate Debtor also disputed the interest rate of 24% per annum.
Electro Poles Products Private Limited (Operational Creditor) supplied materials to APE Power Private Limited (Corporate Debtor) based on purchase orders. The Corporate Debtor failed to pay the dues. The Operational Creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor made a partial payment of Rs. 6 lakhs on 23.10.2017, leaving a balance of Rs. 1,05,987/- plus interest. The Operational Creditor claimed interest at 24% per annum. The Corporate Debtor disputed the claim, alleging lack of authorization for the application, disputing the interest rate, and claiming the application was barred by limitation. The Corporate Debtor argued that the invoice claiming interest was a 'fake invoice'. The
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Payment Terms - 2 Lakhs…
2 Lakhs a…
Electro Poles Products Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against APE Power Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to pay legitimate dues for materials supplied based on purchase orders. The Corporate Debtor disputed the claim, alleging that the application was not authorized and that the claim was barred by limitation. The Corporate Debtor also disputed the interest rate of 24% per annum.
Electro Poles Products Private Limited (Operational Creditor) supplied materials to APE Power Private Limited (Corporate Debtor) based on purchase orders. The Corporate Debtor failed to pay the dues. The Operational Creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor made a partial payment of Rs. 6 lakhs on 23.10.2017, leaving a balance of Rs. 1,05,987/- plus interest. The Operational Creditor claimed interest at 24% per annum. The Corporate Debtor disputed the claim, alleging lack of authorization for the application, disputing the interest rate, and claiming the application was barred by limitation. The Corporate Debtor argued that the invoice claiming interest was a 'fake invoice'. The
…Payment Terms - 2 Lakhs…
2 Lakhs a…