M/s. Daya Engineering Works Private Limited, claiming to be an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. UIC Udyog Limited, seeking to initiate the Corporate Insolvency Resolution Process. Daya Engineering Works alleged that UIC Udyog made short supplies of HTS wire, despite receiving advance payments for purchase orders placed in the financial year 2014-15. The operational creditor issued a legal notice on May 22, 2017, demanding payment of the outstanding dues. The corporate debtor, UIC Udyog, contended that the application was not in the prescribed format, lacked proper authorization, and that the applicant owed money to the respondent for goods supplied. The corporate debtor also argued that
…M/s. Daya Engineering Works Private Limited (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. UIC Udyog Limited (the corporate debtor), seeking to initiate the Corporate Insolvency Resolution Process. The applicant claimed to be an operational creditor, alleging that the corporate debtor made short supplies of HTS wire despite receiving advance payments for purchase orders placed in the financial year 2014-15. The applicant claimed that an amount of Rs. 4,14,42,916/- was paid on 04/03/2015, and the corporate debtor supplied materials valued at Rs. 4,02,33,473/-, leaving a balance of Rs. 12,09,443/- due. The applicant issued a legal notice on May 22, 2017, demanding payment of the outstanding dues. The
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Purchase orders placed…
Operational creditor…
M/s. Daya Engineering Works Private Limited, claiming to be an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. UIC Udyog Limited, seeking to initiate the Corporate Insolvency Resolution Process. Daya Engineering Works alleged that UIC Udyog made short supplies of HTS wire, despite receiving advance payments for purchase orders placed in the financial year 2014-15. The operational creditor issued a legal notice on May 22, 2017, demanding payment of the outstanding dues. The corporate debtor, UIC Udyog, contended that the application was not in the prescribed format, lacked proper authorization, and that the applicant owed money to the respondent for goods supplied. The corporate debtor also argued that
…M/s. Daya Engineering Works Private Limited (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. UIC Udyog Limited (the corporate debtor), seeking to initiate the Corporate Insolvency Resolution Process. The applicant claimed to be an operational creditor, alleging that the corporate debtor made short supplies of HTS wire despite receiving advance payments for purchase orders placed in the financial year 2014-15. The applicant claimed that an amount of Rs. 4,14,42,916/- was paid on 04/03/2015, and the corporate debtor supplied materials valued at Rs. 4,02,33,473/-, leaving a balance of Rs. 12,09,443/- due. The applicant issued a legal notice on May 22, 2017, demanding payment of the outstanding dues. The
…Purchase orders placed…
Operational creditor…