The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Rasi Electrodes Limited (Operational Creditor) against M/s. Balsara Engineering Products Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for materials supplied, totaling Rs. 3,95,537/- after adjusting for part payments. The Operational Creditor issued a demand notice under Section 8 of the IBC, which was received by the Corporate Debtor. The Corporate Debtor did not bring to the notice of the Operational Creditor any existence of dispute nor paid the said sum to the Operational Creditor.
M/s. Rasi Electrodes Limited (Operational Creditor) supplied materials to M/s. Balsara Engineering Products Limited (Corporate Debtor). Seven invoices were raised between 20.01.2018 and 30.03.2018, totaling Rs. 4,02,380/-. After part payments, a sum of Rs. 3,95,537/- remained due and payable. The Corporate Debtor issued five cheques, which were returned with an endorsement of 'funds insufficient'. The Operational Creditor issued a demand notice under Section 8 of the Insolvency & Bankruptcy Code, 2016, on 21.06.2018, which was received by the Corporate Debtor. The Corporate Debtor did not notify the Operational Creditor of any dispute nor paid the outstanding amount. The application to initiate CIRP was filed on 04.10.2019.
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The Operational…
The Operational…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Rasi Electrodes Limited (Operational Creditor) against M/s. Balsara Engineering Products Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for materials supplied, totaling Rs. 3,95,537/- after adjusting for part payments. The Operational Creditor issued a demand notice under Section 8 of the IBC, which was received by the Corporate Debtor. The Corporate Debtor did not bring to the notice of the Operational Creditor any existence of dispute nor paid the said sum to the Operational Creditor.
M/s. Rasi Electrodes Limited (Operational Creditor) supplied materials to M/s. Balsara Engineering Products Limited (Corporate Debtor). Seven invoices were raised between 20.01.2018 and 30.03.2018, totaling Rs. 4,02,380/-. After part payments, a sum of Rs. 3,95,537/- remained due and payable. The Corporate Debtor issued five cheques, which were returned with an endorsement of 'funds insufficient'. The Operational Creditor issued a demand notice under Section 8 of the Insolvency & Bankruptcy Code, 2016, on 21.06.2018, which was received by the Corporate Debtor. The Corporate Debtor did not notify the Operational Creditor of any dispute nor paid the outstanding amount. The application to initiate CIRP was filed on 04.10.2019.
The Operational…
The Operational…