The case involves a petition filed by Shine & Shine Enterprises, the Operational Creditor, against Canaan Engineering Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code). The Operational Creditor claims that the Corporate Debtor defaulted on payments amounting to Rs. 25,54,786.91 for goods supplied related to welding fabrication of industrial consumables. The Operational Creditor had previously filed an insolvency petition for the same cause of action, which was later withdrawn due to technical lapses, with the liberty to file a fresh petition. The Corporate Debtor contends that there is a pre-existing dispute and that the Operational Creditor is a related party of an ex-employee who allegedly caused
…Shine & Shine Enterprises (Operational Creditor) filed a petition against Canaan Engineering Private Limited (Corporate Debtor) under Section 9 of the I&B Code, claiming a default of Rs. 25,54,786.91 for supplied goods. The principal amount in default was Rs. 15,53,849/-, with an interest of Rs. 10,00,937.91. The last payment made by the Corporate Debtor was on 14.10.2016. The Operational Creditor sent a demand notice on 12.01.2018. The Corporate Debtor acknowledged the debt in a letter dated 05.11.2015, admitting an outstanding unpaid debt of Rs. 18,51,451/- and proposing a payment schedule. The Corporate Debtor failed to adhere to the payment schedule. The Operational Creditor had previously filed and withdrawn an insolvency petition due to technical lapses.
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The case involves a petition filed by Shine & Shine Enterprises, the Operational Creditor, against Canaan Engineering Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code). The Operational Creditor claims that the Corporate Debtor defaulted on payments amounting to Rs. 25,54,786.91 for goods supplied related to welding fabrication of industrial consumables. The Operational Creditor had previously filed an insolvency petition for the same cause of action, which was later withdrawn due to technical lapses, with the liberty to file a fresh petition. The Corporate Debtor contends that there is a pre-existing dispute and that the Operational Creditor is a related party of an ex-employee who allegedly caused
…Shine & Shine Enterprises (Operational Creditor) filed a petition against Canaan Engineering Private Limited (Corporate Debtor) under Section 9 of the I&B Code, claiming a default of Rs. 25,54,786.91 for supplied goods. The principal amount in default was Rs. 15,53,849/-, with an interest of Rs. 10,00,937.91. The last payment made by the Corporate Debtor was on 14.10.2016. The Operational Creditor sent a demand notice on 12.01.2018. The Corporate Debtor acknowledged the debt in a letter dated 05.11.2015, admitting an outstanding unpaid debt of Rs. 18,51,451/- and proposing a payment schedule. The Corporate Debtor failed to adhere to the payment schedule. The Operational Creditor had previously filed and withdrawn an insolvency petition due to technical lapses.
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