The case involves an application filed by Seco Tools India Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against A.S. Sales & Exports Private Limited, the Corporate Debtor. The application is based on the Corporate Debtor's alleged default in paying an outstanding amount of Rs. 30,48,667/- (principal plus interest) for goods sold and supplied by the Operational Creditor. The Corporate Debtor contested the application, claiming a dispute regarding the quality of the goods supplied.
Seco Tools India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against A.S. Sales & Exports Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 30,48,667/-. This amount includes a principal of Rs. 21,17,481/- and interest of Rs. 9,31,186/-. The debt arose from the Operational Creditor selling and supplying goods (Tungsten Carbide "RCMX 2507 1500T") to the Corporate Debtor between 2014-12-17 and 2015-01-31, worth Rs. 21,78,481/-. The Operational Creditor issued a demand notice under Section 8 of the I&B Code on 2017-08-18, which was received by the Corporate Debtor. The Corporate Debtor claimed a dispute over the quality of goods, stating they were intended for
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Operational Creditor sold and supplied goods to…
Operational Creditor sold and supplied goods to…
The case involves an application filed by Seco Tools India Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against A.S. Sales & Exports Private Limited, the Corporate Debtor. The application is based on the Corporate Debtor's alleged default in paying an outstanding amount of Rs. 30,48,667/- (principal plus interest) for goods sold and supplied by the Operational Creditor. The Corporate Debtor contested the application, claiming a dispute regarding the quality of the goods supplied.
Seco Tools India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against A.S. Sales & Exports Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 30,48,667/-. This amount includes a principal of Rs. 21,17,481/- and interest of Rs. 9,31,186/-. The debt arose from the Operational Creditor selling and supplying goods (Tungsten Carbide "RCMX 2507 1500T") to the Corporate Debtor between 2014-12-17 and 2015-01-31, worth Rs. 21,78,481/-. The Operational Creditor issued a demand notice under Section 8 of the I&B Code on 2017-08-18, which was received by the Corporate Debtor. The Corporate Debtor claimed a dispute over the quality of goods, stating they were intended for
…Operational Creditor sold and supplied goods to…
Operational Creditor sold and supplied goods to…