M/s. Singer India Limited, an operational creditor, filed a company petition against M/s. APITCO Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor claimed that the corporate debtor defaulted on payments for sewing machines supplied under various invoices. The corporate debtor acknowledged receiving the sewing machines and the debt but disputed the interest claimed and raised concerns about the quality of the machines.
M/s. Singer India Limited (Operational Creditor) supplied 3,334 sewing machines to M/s. APITCO Limited (Corporate Debtor) between 2016 and 2017, based on purchase orders. The total value of the machines was Rs. 1,53,84,030. The Corporate Debtor paid Rs. 1,20,67,800, leaving a principal amount of Rs. 33,16,230 outstanding. The Operational Creditor also claimed interest of Rs. 8,62,220, bringing the total claim to Rs. 41,78,450. The Corporate Debtor acknowledged receiving the machines and owing the principal amount but disputed the interest claim, citing a lack of agreement to pay interest on delayed payments. The Corporate Debtor also stated that the end beneficiaries of the scheme (MEPMA) had lodged complaints about defects in the machines and that payments were
…Sign in to view the parties.
APITCO Limited was…
Copy of Purchase order…
M/s. Singer India Limited, an operational creditor, filed a company petition against M/s. APITCO Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor claimed that the corporate debtor defaulted on payments for sewing machines supplied under various invoices. The corporate debtor acknowledged receiving the sewing machines and the debt but disputed the interest claimed and raised concerns about the quality of the machines.
M/s. Singer India Limited (Operational Creditor) supplied 3,334 sewing machines to M/s. APITCO Limited (Corporate Debtor) between 2016 and 2017, based on purchase orders. The total value of the machines was Rs. 1,53,84,030. The Corporate Debtor paid Rs. 1,20,67,800, leaving a principal amount of Rs. 33,16,230 outstanding. The Operational Creditor also claimed interest of Rs. 8,62,220, bringing the total claim to Rs. 41,78,450. The Corporate Debtor acknowledged receiving the machines and owing the principal amount but disputed the interest claim, citing a lack of agreement to pay interest on delayed payments. The Corporate Debtor also stated that the end beneficiaries of the scheme (MEPMA) had lodged complaints about defects in the machines and that payments were
…APITCO Limited was…
Copy of Purchase order…