Siddheshwari Industries, as the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Arihant Pumps Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that they supplied goods to the corporate debtor from 19.10.2016 to 04.05.2018, for which payments were not made despite raising 33 invoices. The total amount in default, including interest, was claimed to be Rs. 1,05,77,250/-. The corporate debtor initially made regular payments but defaulted from 2016 onwards. The operational creditor issued a demand notice on 18.08.2018, which was duly served on the corporate debtor on 20.08.2018.
Siddheshwari Industries (operational creditor) filed a petition against Arihant Pumps Private Limited (corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that they supplied goods to the corporate debtor between 19.10.2016 and 04.05.2018, evidenced by invoices and delivery challans. Initially, the corporate debtor made regular payments, but defaulted from 2016 onwards. The total outstanding amount, including interest at 24% per annum, was Rs. 1,05,77,250/-. The operational creditor issued a demand notice on 18.08.2018, which was served on the corporate debtor on 20.08.2018. The corporate debtor failed to pay the due amount or raise any dispute. Nine cheques issued by the corporate debtor towards part payment,
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Corporate debtor failed…
Operational creditor…
Siddheshwari Industries, as the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Arihant Pumps Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that they supplied goods to the corporate debtor from 19.10.2016 to 04.05.2018, for which payments were not made despite raising 33 invoices. The total amount in default, including interest, was claimed to be Rs. 1,05,77,250/-. The corporate debtor initially made regular payments but defaulted from 2016 onwards. The operational creditor issued a demand notice on 18.08.2018, which was duly served on the corporate debtor on 20.08.2018.
Siddheshwari Industries (operational creditor) filed a petition against Arihant Pumps Private Limited (corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that they supplied goods to the corporate debtor between 19.10.2016 and 04.05.2018, evidenced by invoices and delivery challans. Initially, the corporate debtor made regular payments, but defaulted from 2016 onwards. The total outstanding amount, including interest at 24% per annum, was Rs. 1,05,77,250/-. The operational creditor issued a demand notice on 18.08.2018, which was served on the corporate debtor on 20.08.2018. The corporate debtor failed to pay the due amount or raise any dispute. Nine cheques issued by the corporate debtor towards part payment,
…Corporate debtor failed…
Operational creditor…