Ultra Tech Cement Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Darshan Developers Private Limited, the Corporate Debtor, due to a default in payment. The Operational Creditor claimed that the Corporate Debtor failed to pay a total sum of Rs.80,23,000/- including interest. The Corporate Debtor argued that the default occurred after the introduction of Section 10A of the IBC, which suspended the initiation of CIRP for defaults arising on or after March 25, 2020, due to the COVID-19 pandemic. The Corporate Debtor also relied on consent terms entered into with the Operational Creditor and a subsequent default in payment of
…1. Ultra Tech Cement Limited (Operational Creditor) supplied ready mix concrete to Darshan Developers Private Limited (Corporate Debtor) based on a purchase order dated 2018-08-13.
2. The Operational Creditor issued invoices for the supplied concrete.
3. The Corporate Debtor confirmed a balance of Rs.79,90,500/- due and payable via email dated 2019-01-15.
4. The last date of invoice was 2018-09-07, and the date of default was 2018-09-08.
5. The total debt due and payable was Rs.80,23,000/-, including interest at 18% per annum for delayed payments.
6. The Operational Creditor served a Demand Notice in Form 3 dated 2019-06-14 to the Corporate Debtor, which was served on 2019-06-24.
7. The Corporate Debtor did not reply to the Demand Notice.
8. The Corporate Debtor did not file
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Darshan Developers…
Date of the purchase order for the supply of…
Ultra Tech Cement Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Darshan Developers Private Limited, the Corporate Debtor, due to a default in payment. The Operational Creditor claimed that the Corporate Debtor failed to pay a total sum of Rs.80,23,000/- including interest. The Corporate Debtor argued that the default occurred after the introduction of Section 10A of the IBC, which suspended the initiation of CIRP for defaults arising on or after March 25, 2020, due to the COVID-19 pandemic. The Corporate Debtor also relied on consent terms entered into with the Operational Creditor and a subsequent default in payment of
…1. Ultra Tech Cement Limited (Operational Creditor) supplied ready mix concrete to Darshan Developers Private Limited (Corporate Debtor) based on a purchase order dated 2018-08-13.
2. The Operational Creditor issued invoices for the supplied concrete.
3. The Corporate Debtor confirmed a balance of Rs.79,90,500/- due and payable via email dated 2019-01-15.
4. The last date of invoice was 2018-09-07, and the date of default was 2018-09-08.
5. The total debt due and payable was Rs.80,23,000/-, including interest at 18% per annum for delayed payments.
6. The Operational Creditor served a Demand Notice in Form 3 dated 2019-06-14 to the Corporate Debtor, which was served on 2019-06-24.
7. The Corporate Debtor did not reply to the Demand Notice.
8. The Corporate Debtor did not file
Darshan Developers…
Date of the purchase order for the supply of…