The case involves a petition filed by IVP Limited (Operational Creditor) against Deccan Brakes Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted in paying an amount of Rs. 11,78,946/- for the supply of IVAREZ 33 Resin between April 2018 and September 2018. The Corporate Debtor allegedly failed to pay the invoices within the stipulated 45 days, leading to the operational debt. The Operational Creditor issued a demand notice on 12.12.2018, which the Corporate Debtor replied to on 31.12.2018, raising disputes regarding the claims.
IVP Limited (Operational Creditor) filed a petition against Deccan Brakes Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of Rs. 11,78,946/-. Between April and September 2018, the Corporate Debtor placed orders for IVAREZ 33 Resin, which the Operational Creditor supplied. The invoices were due within 45 days, but the Corporate Debtor failed to pay. The Operational Creditor issued a demand notice on 12.12.2018. The Corporate Debtor replied on 31.12.2018, disputing the claims and raising debit notes. The Corporate Debtor claimed the material supplied was defective and raised debit notes against earlier invoices (dated 2016 and 2017). The Operational Creditor argued that these debit notes were bogus and raised for the first time
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Between April 2018 and September 2018, the…
The Operational Creditor issued a Demand Notice…
The case involves a petition filed by IVP Limited (Operational Creditor) against Deccan Brakes Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted in paying an amount of Rs. 11,78,946/- for the supply of IVAREZ 33 Resin between April 2018 and September 2018. The Corporate Debtor allegedly failed to pay the invoices within the stipulated 45 days, leading to the operational debt. The Operational Creditor issued a demand notice on 12.12.2018, which the Corporate Debtor replied to on 31.12.2018, raising disputes regarding the claims.
IVP Limited (Operational Creditor) filed a petition against Deccan Brakes Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of Rs. 11,78,946/-. Between April and September 2018, the Corporate Debtor placed orders for IVAREZ 33 Resin, which the Operational Creditor supplied. The invoices were due within 45 days, but the Corporate Debtor failed to pay. The Operational Creditor issued a demand notice on 12.12.2018. The Corporate Debtor replied on 31.12.2018, disputing the claims and raising debit notes. The Corporate Debtor claimed the material supplied was defective and raised debit notes against earlier invoices (dated 2016 and 2017). The Operational Creditor argued that these debit notes were bogus and raised for the first time
…Between April 2018 and September 2018, the…
The Operational Creditor issued a Demand Notice…