Swastik Pipe Limited, the Operational Creditor (OC), filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Emkay Automobiles Industries Limited, the Corporate Debtor (CD), due to alleged default in settling an amount of Rs 1,20,04,712 as on 17.07.19, including interest at 18% PA towards the supply of Precision Tubes. The OC had been supplying to the CD on a running account basis since 2017 & 2018. The CD issued eleven cheques towards part payment, but some were dishonored. The OC issued a demand notice, and the CD made a partial payment after receiving it.
Swastik Pipe Limited (OC) supplied Precision Tubes to Emkay Automobiles Industries Limited (CD) on a running account basis since 2017-2018. As of 17.07.19, an amount of Rs 1,20,04,712 was outstanding, including interest. The CD issued eleven cheques towards part payment, but seven were dishonored on 28.06.19, and two more on 17.07.19. The OC issued a demand notice on 29.07.19. The CD paid Rs 24,28,408 after receiving the demand notice, which the OC adjusted against interest. The CD acknowledged an outstanding amount of Rs 60,00,000 including interest in an email dated 21.07.21 and proposed a payment plan. The OC filed a petition under Section 9 of IBC to initiate CIRP. The CD claimed supplies were not as per agreed terms, causing losses, and cheques were given as
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Swastik Pipe Limited started supplying…
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Swastik Pipe Limited, the Operational Creditor (OC), filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Emkay Automobiles Industries Limited, the Corporate Debtor (CD), due to alleged default in settling an amount of Rs 1,20,04,712 as on 17.07.19, including interest at 18% PA towards the supply of Precision Tubes. The OC had been supplying to the CD on a running account basis since 2017 & 2018. The CD issued eleven cheques towards part payment, but some were dishonored. The OC issued a demand notice, and the CD made a partial payment after receiving it.
Swastik Pipe Limited (OC) supplied Precision Tubes to Emkay Automobiles Industries Limited (CD) on a running account basis since 2017-2018. As of 17.07.19, an amount of Rs 1,20,04,712 was outstanding, including interest. The CD issued eleven cheques towards part payment, but seven were dishonored on 28.06.19, and two more on 17.07.19. The OC issued a demand notice on 29.07.19. The CD paid Rs 24,28,408 after receiving the demand notice, which the OC adjusted against interest. The CD acknowledged an outstanding amount of Rs 60,00,000 including interest in an email dated 21.07.21 and proposed a payment plan. The OC filed a petition under Section 9 of IBC to initiate CIRP. The CD claimed supplies were not as per agreed terms, causing losses, and cheques were given as
…Swastik Pipe Limited started supplying…
The outstanding amount…