Metco Tracom Pvt Ltd, styling itself as an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process against M/s Associated Machinery Corporation Limited, referred to as the Corporate Debtor. The petitioner claimed that it had placed an order for the supply of machinery worth Rs. 2,36,50,000/- and paid an advance of Rs. 35,47,500/-. The respondent allegedly failed to deliver the machinery and subsequently issued dishonored cheques to M/s Sanjay Associates Pvt Ltd, a sister concern of the petitioner, towards repayment of the advance.
Metco Tracom Pvt Ltd (Petitioner) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Associated Machinery Corporation Limited (Respondent), seeking to initiate Corporate Insolvency Resolution Process. The Petitioner claimed to be an Operational Creditor, asserting that the Respondent owed an operational debt. The Petitioner placed an order for the supply of machinery worth Rs. 2,36,50,000/- and paid an advance of Rs. 35,47,500/- on May 6, 2017. The advance was paid from the account of M/s Sanjay Associates Pvt Ltd, a sister concern of the Petitioner. The Respondent failed to deliver the machinery by the agreed date of July 31, 2017. The Respondent issued two cheques in favor of M/s Sanjay Associates Pvt Ltd for Rs. 8,00,000/- and
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Petitioner paid 15% advance amount i.e.…
Respondent agreed to deliver the machine within…
Metco Tracom Pvt Ltd, styling itself as an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process against M/s Associated Machinery Corporation Limited, referred to as the Corporate Debtor. The petitioner claimed that it had placed an order for the supply of machinery worth Rs. 2,36,50,000/- and paid an advance of Rs. 35,47,500/-. The respondent allegedly failed to deliver the machinery and subsequently issued dishonored cheques to M/s Sanjay Associates Pvt Ltd, a sister concern of the petitioner, towards repayment of the advance.
Metco Tracom Pvt Ltd (Petitioner) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Associated Machinery Corporation Limited (Respondent), seeking to initiate Corporate Insolvency Resolution Process. The Petitioner claimed to be an Operational Creditor, asserting that the Respondent owed an operational debt. The Petitioner placed an order for the supply of machinery worth Rs. 2,36,50,000/- and paid an advance of Rs. 35,47,500/- on May 6, 2017. The advance was paid from the account of M/s Sanjay Associates Pvt Ltd, a sister concern of the Petitioner. The Respondent failed to deliver the machinery by the agreed date of July 31, 2017. The Respondent issued two cheques in favor of M/s Sanjay Associates Pvt Ltd for Rs. 8,00,000/- and
…Petitioner paid 15% advance amount i.e.…
Respondent agreed to deliver the machine within…