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 Corporate Insolvency Resolution Process (CIRP). 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 corporate debtor, UIC Udyog, contested the application, arguing that the application was not in the prescribed format, contained misleading facts, and lacked proper authorization. They also claimed that Daya Engineering Works owed them money for supplies made.
Daya Engineering Works Pvt. Ltd. (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against UIC Udyog Limited (the corporate debtor/respondent). Daya Engineering Works claimed that it was an operational creditor because UIC Udyog had made short supplies of HTS wire after receiving advance payments. An advance of Rs. 4,14,42,916/- was paid on 04/03/2015. UIC Udyog supplied materials valued at Rs. 4,02,33,473/-, leaving a balance of Rs. 12,09,443/-. Daya Engineering Works issued a legal notice on 22nd May, 2017, demanding payment. UIC Udyog contended that the application was not in the prescribed format, contained misleading facts, and lacked proper authorization. UIC Udyog also claimed that Daya Engineering Works owed them
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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 Corporate Insolvency Resolution Process (CIRP). 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 corporate debtor, UIC Udyog, contested the application, arguing that the application was not in the prescribed format, contained misleading facts, and lacked proper authorization. They also claimed that Daya Engineering Works owed them money for supplies made.
Daya Engineering Works Pvt. Ltd. (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against UIC Udyog Limited (the corporate debtor/respondent). Daya Engineering Works claimed that it was an operational creditor because UIC Udyog had made short supplies of HTS wire after receiving advance payments. An advance of Rs. 4,14,42,916/- was paid on 04/03/2015. UIC Udyog supplied materials valued at Rs. 4,02,33,473/-, leaving a balance of Rs. 12,09,443/-. Daya Engineering Works issued a legal notice on 22nd May, 2017, demanding payment. UIC Udyog contended that the application was not in the prescribed format, contained misleading facts, and lacked proper authorization. UIC Udyog also claimed that Daya Engineering Works owed them
…Purchase orders placed…
Operational creditor…