The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Veer Wires Private Limited (Operational Creditor) against Barbik Project Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. The Corporate Debtor contested the claim, alleging defects in the supplied goods. The Adjudicating Authority examined the application, reply, documents, and affidavits submitted by both parties.
Veer Wires Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Barbik Project Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that it supplied 500 pieces of MS Barricades to the Corporate Debtor as per the purchase order, raising forty-one invoices cum Way Bills for a cumulative amount of Rs. 94,75,416/-. The invoices were dated between 05.03.2018 to 23.04.2018. The Corporate Debtor made part payments totaling Rs. 40,00,000/-, leaving an outstanding amount of Rs. 54,75,416/-. The Operational Creditor also claimed interest of Rs. 14,07,163/- calculated at 24% p.a. The Corporate Debtor alleged defects in the supplied
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Invoices issued…
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Veer Wires Private Limited (Operational Creditor) against Barbik Project Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. The Corporate Debtor contested the claim, alleging defects in the supplied goods. The Adjudicating Authority examined the application, reply, documents, and affidavits submitted by both parties.
Veer Wires Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Barbik Project Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that it supplied 500 pieces of MS Barricades to the Corporate Debtor as per the purchase order, raising forty-one invoices cum Way Bills for a cumulative amount of Rs. 94,75,416/-. The invoices were dated between 05.03.2018 to 23.04.2018. The Corporate Debtor made part payments totaling Rs. 40,00,000/-, leaving an outstanding amount of Rs. 54,75,416/-. The Operational Creditor also claimed interest of Rs. 14,07,163/- calculated at 24% p.a. The Corporate Debtor alleged defects in the supplied
…Invoices issued…
Part payment…