The case involves a petition filed 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, by Storm Export Private Limited (Operational Creditor) against M/s Arsh Associates Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for Italian Marble supplied in March 2017. The Corporate Debtor argued that payments were made to Arsh Buildcom, a sole proprietorship, and there was no agreement with the Petitioner.
In the first week of March 2017, representatives of M/s Arsh Associates Private Limited (Corporate Debtor) approached Storm Export Private Limited (Operational Creditor) to purchase stones and marbles for construction projects. An order was placed for Italian Marble - DYNA, totaling 1843.97 sq. ft. The goods were delivered on March 16, 2017, to a site in Noida, Uttar Pradesh, as instructed by the Corporate Debtor. Invoice No. 012, dated March 16, 2017, for Rs. 4,96,1661/- was issued by the Operational Creditor to the Corporate Debtor. The Corporate Debtor allegedly assured immediate payment upon receipt of the invoice, with an agreement for 24% per annum interest on delayed payments. On September 11, 2017, the Corporate Debtor made a partial payment of Rs. 75,000/-.
…Sign in to view the parties.
Representatives of Corporate Debtor approached…
Italian Marble - DYNA…
The case involves a petition filed 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, by Storm Export Private Limited (Operational Creditor) against M/s Arsh Associates Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for Italian Marble supplied in March 2017. The Corporate Debtor argued that payments were made to Arsh Buildcom, a sole proprietorship, and there was no agreement with the Petitioner.
In the first week of March 2017, representatives of M/s Arsh Associates Private Limited (Corporate Debtor) approached Storm Export Private Limited (Operational Creditor) to purchase stones and marbles for construction projects. An order was placed for Italian Marble - DYNA, totaling 1843.97 sq. ft. The goods were delivered on March 16, 2017, to a site in Noida, Uttar Pradesh, as instructed by the Corporate Debtor. Invoice No. 012, dated March 16, 2017, for Rs. 4,96,1661/- was issued by the Operational Creditor to the Corporate Debtor. The Corporate Debtor allegedly assured immediate payment upon receipt of the invoice, with an agreement for 24% per annum interest on delayed payments. On September 11, 2017, the Corporate Debtor made a partial payment of Rs. 75,000/-.
…Representatives of Corporate Debtor approached…
Italian Marble - DYNA…