Schneider Electric India Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Apex Electro Devices Pvt. Ltd. The applicant, an operational creditor, claimed that the corporate debtor defaulted on payments for supplied electrical equipment/goods. The application was supported by a board resolution dated 18.04.2019. The corporate debtor raised objections, including the non-service of the demand notice, the existence of a pre-existing dispute, and the applicability of an arbitration clause. The applicant contended that the corporate debtor admitted to the debt and that the application was within the limitation period.
Schneider Electric India Pvt. Ltd. (the applicant) supplied electrical equipment/goods to Apex Electro Devices Pvt. Ltd. (the corporate debtor) based on purchase orders. The applicant raised 366 invoices between March 2015 and December 2016, but no payment was received. The corporate debtor's account was blocked for future business dealings. A meeting was held on 21.04.2016, where the corporate debtor assured payment of Rs. 2 Crore. A legal notice was sent on 16.09.2017, followed by a statutory demand notice on 25.02.2019, claiming Rs. 6,89,68,184/- (including interest). The demand notice was returned with the remark 'refused to accept' but was later served at the corporate office. The applicant filed an application under Section 9 of the IBC, claiming a total
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Schneider Electric India Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Apex Electro Devices Pvt. Ltd. The applicant, an operational creditor, claimed that the corporate debtor defaulted on payments for supplied electrical equipment/goods. The application was supported by a board resolution dated 18.04.2019. The corporate debtor raised objections, including the non-service of the demand notice, the existence of a pre-existing dispute, and the applicability of an arbitration clause. The applicant contended that the corporate debtor admitted to the debt and that the application was within the limitation period.
Schneider Electric India Pvt. Ltd. (the applicant) supplied electrical equipment/goods to Apex Electro Devices Pvt. Ltd. (the corporate debtor) based on purchase orders. The applicant raised 366 invoices between March 2015 and December 2016, but no payment was received. The corporate debtor's account was blocked for future business dealings. A meeting was held on 21.04.2016, where the corporate debtor assured payment of Rs. 2 Crore. A legal notice was sent on 16.09.2017, followed by a statutory demand notice on 25.02.2019, claiming Rs. 6,89,68,184/- (including interest). The demand notice was returned with the remark 'refused to accept' but was later served at the corporate office. The applicant filed an application under Section 9 of the IBC, claiming a total
…Invoices rais…
Invoices rais…