The case pertains to a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Srinidhi Industries Ltd. (Operational Creditor) against Didwania Spinning Mills Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to make payment of Rs.1,78,00,000/- as principal amount as per invoices dated 15.07.2016, with the date of default being 22.12.2016. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of the plant and machinery supplied and raised a counter claim of Rs.30,00,000/-.
Srinidhi Industries Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against Didwania Spinning Mills Private Limited (Corporate Debtor) to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs.1,78,00,000/- as per invoices dated 15.07.2016, with the date of default being 22.12.2016. The Operational Creditor is engaged in manufacturing and selling yarn using Plant and Machinery for Spinning Mills. The Corporate Debtor approached the Operational Creditor for the sale of Plant and machinery and other items for installation in the Spinning Mill. The Operational Creditor delivered the Plant and Machinery as per the orders and invoices dated 15.07.2016. The Corporate Debtor issued a Form-C for tax
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The case pertains to a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Srinidhi Industries Ltd. (Operational Creditor) against Didwania Spinning Mills Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to make payment of Rs.1,78,00,000/- as principal amount as per invoices dated 15.07.2016, with the date of default being 22.12.2016. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of the plant and machinery supplied and raised a counter claim of Rs.30,00,000/-.
Srinidhi Industries Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against Didwania Spinning Mills Private Limited (Corporate Debtor) to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs.1,78,00,000/- as per invoices dated 15.07.2016, with the date of default being 22.12.2016. The Operational Creditor is engaged in manufacturing and selling yarn using Plant and Machinery for Spinning Mills. The Corporate Debtor approached the Operational Creditor for the sale of Plant and machinery and other items for installation in the Spinning Mill. The Operational Creditor delivered the Plant and Machinery as per the orders and invoices dated 15.07.2016. The Corporate Debtor issued a Form-C for tax
…Invoices for the…
The date of def…