Isgec Heavy Engineering Limited, an operational creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Cane Agro Energy (India) Limited, the corporate debtor, for failing to pay a sum of ₹12,46,524.00 as principal and ₹10,69,620.00 as interest as on 21.12.2015. The operational creditor supplied and supervised the erection and commissioning of a Condensate Flash Recovery System (CIGAR) for the corporate debtor's sugar production business, for a total consideration of ₹45,00,000/-. The corporate debtor had only paid ₹39,00,000/-. The operational creditor also claimed that the corporate debtor failed to provide Central Sales Tax Form 'C', resulting in
…Isgec Heavy Engineering Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Cane Agro Energy (India) Limited (Corporate Debtor) due to unpaid dues. The Corporate Debtor issued a purchase order on 17.08.2015 for the supply and supervision of Erection and Commissioning of one Condensate Flash Recovery System (CIGAR) for ₹45,00,000/-. The Operational Creditor received ₹39,00,000/-, leaving a balance of ₹6,00,000/-. The Corporate Debtor also failed to provide Central Sales Tax Form 'C', leading to additional tax liability of ₹16,49,726/-. A cheque issued by the Corporate Debtor for ₹12,46,524/- was dishonored with the remark "Payment stopped by Drawer". A demand notice was served on 11.05.2019. The total debt due and payable to the
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The Corporate Debtor issued a Purchase Order to…
The Operational…
Isgec Heavy Engineering Limited, an operational creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Cane Agro Energy (India) Limited, the corporate debtor, for failing to pay a sum of ₹12,46,524.00 as principal and ₹10,69,620.00 as interest as on 21.12.2015. The operational creditor supplied and supervised the erection and commissioning of a Condensate Flash Recovery System (CIGAR) for the corporate debtor's sugar production business, for a total consideration of ₹45,00,000/-. The corporate debtor had only paid ₹39,00,000/-. The operational creditor also claimed that the corporate debtor failed to provide Central Sales Tax Form 'C', resulting in
…Isgec Heavy Engineering Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Cane Agro Energy (India) Limited (Corporate Debtor) due to unpaid dues. The Corporate Debtor issued a purchase order on 17.08.2015 for the supply and supervision of Erection and Commissioning of one Condensate Flash Recovery System (CIGAR) for ₹45,00,000/-. The Operational Creditor received ₹39,00,000/-, leaving a balance of ₹6,00,000/-. The Corporate Debtor also failed to provide Central Sales Tax Form 'C', leading to additional tax liability of ₹16,49,726/-. A cheque issued by the Corporate Debtor for ₹12,46,524/- was dishonored with the remark "Payment stopped by Drawer". A demand notice was served on 11.05.2019. The total debt due and payable to the
…The Corporate Debtor issued a Purchase Order to…
The Operational…