The petition was filed by MM Aqua Technologies Limited, the Operational Creditor, against Fans Asia Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 56,08,917. The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016.
MM Aqua Technologies Limited (Operational Creditor) filed a petition against Fans Asia Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 56,08,917. The Operational Creditor stated that the Corporate Debtor failed to pay the agreed amounts for goods and services delivered as per a purchase order dated 03.07.2013. The total contract value was Rs. 1,38,37,720. The Operational Creditor delivered goods and services and raised invoices from 13.07.2015 to 17.10.2016. The Corporate Debtor failed to pay Rs. 13,03,128 against the 90% pro-rate amounts of supply due as on 16.11.2016, and Rs. 10,14,540 against the agreed 10% retention amount due as on 30.11.2017. The Corporate Debtor released Rs. 6,50,000 on
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Corporate Debtor issued a Purchase Order to…
Operational Creditor…
The petition was filed by MM Aqua Technologies Limited, the Operational Creditor, against Fans Asia Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 56,08,917. The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016.
MM Aqua Technologies Limited (Operational Creditor) filed a petition against Fans Asia Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 56,08,917. The Operational Creditor stated that the Corporate Debtor failed to pay the agreed amounts for goods and services delivered as per a purchase order dated 03.07.2013. The total contract value was Rs. 1,38,37,720. The Operational Creditor delivered goods and services and raised invoices from 13.07.2015 to 17.10.2016. The Corporate Debtor failed to pay Rs. 13,03,128 against the 90% pro-rate amounts of supply due as on 16.11.2016, and Rs. 10,14,540 against the agreed 10% retention amount due as on 30.11.2017. The Corporate Debtor released Rs. 6,50,000 on
…Corporate Debtor issued a Purchase Order to…
Operational Creditor…