Natraj Proteins Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Claro Energy Private Limited, the corporate debtor. The application was based on the corporate debtor's alleged default in payment for the supply of Solar Photovoltaic Pump Sets. Natraj Proteins claimed that despite supplying the goods and raising invoices, Claro Energy failed to make the full payment, leaving a significant amount outstanding. Claro Energy, in its defense, contended that there was a dispute regarding the invoices raised by Natraj Proteins and that payments were contingent upon receiving funds from their end customer, Madhya Pradesh Urja Vikas Nigam
…Natraj Proteins Limited (Operational Creditor) supplied Solar Photovoltaic Pump Sets to Claro Energy Private Limited (Corporate Debtor) based on orders placed by the latter. Invoices were raised for the supplies made between 06.12.2019 and 17.08.2018, totaling Rs. 10,75,23,923/-. Natraj Proteins claimed that Claro Energy was irregular in making payments. Claro Energy paid Rs. 10,11,14,426/- on 31.07.2019, leaving an outstanding amount of Rs. 63,32,941/- plus interest. Natraj Proteins issued a Demand Notice dated 12.09.2019 under Section 8 of the IBC, 2016, for the outstanding amount. Claro Energy replied to the demand notice, admitting a liability of Rs. 22,17,175/- but claimed that Natraj Proteins had incorrectly raised invoices worth Rs. 24,49,910/-. They also stated
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Natraj Proteins Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Claro Energy Private Limited, the corporate debtor. The application was based on the corporate debtor's alleged default in payment for the supply of Solar Photovoltaic Pump Sets. Natraj Proteins claimed that despite supplying the goods and raising invoices, Claro Energy failed to make the full payment, leaving a significant amount outstanding. Claro Energy, in its defense, contended that there was a dispute regarding the invoices raised by Natraj Proteins and that payments were contingent upon receiving funds from their end customer, Madhya Pradesh Urja Vikas Nigam
…Natraj Proteins Limited (Operational Creditor) supplied Solar Photovoltaic Pump Sets to Claro Energy Private Limited (Corporate Debtor) based on orders placed by the latter. Invoices were raised for the supplies made between 06.12.2019 and 17.08.2018, totaling Rs. 10,75,23,923/-. Natraj Proteins claimed that Claro Energy was irregular in making payments. Claro Energy paid Rs. 10,11,14,426/- on 31.07.2019, leaving an outstanding amount of Rs. 63,32,941/- plus interest. Natraj Proteins issued a Demand Notice dated 12.09.2019 under Section 8 of the IBC, 2016, for the outstanding amount. Claro Energy replied to the demand notice, admitting a liability of Rs. 22,17,175/- but claimed that Natraj Proteins had incorrectly raised invoices worth Rs. 24,49,910/-. They also stated
…The date of de…
The corporate…