The Wesman Engineering Co. Pvt. Ltd., the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Favourite Fabtech Pvt. Ltd., the Corporate Debtor, for default in payment of INR 31,08,515.00. The Corporate Debtor was to purchase equipment for a no-bake sand plant from the Operational Creditor. The Operational Creditor supplied the equipment, and invoices were issued. The Corporate Debtor acknowledged the debt in a meeting held on 31.05.2016, agreeing to pay within three days, but failed to do so. The Operational Creditor issued letters requesting payment, but the Corporate Debtor did not comply.
The Wesman Engineering Co. Pvt. Ltd. (Operational Creditor) supplied equipment to Favourite Fabtech Pvt. Ltd. (Corporate Debtor) for a no-bake sand plant, pursuant to a purchase order dated 05.06.2012. A confirmation order was issued on 29.06.2012. The terms included a 10% payment after 8 months of successful commissioning against a performance bank guarantee. The equipment was supplied, invoices were issued, and trial runs were conducted. The Corporate Debtor signed commissioning certificates acknowledging satisfactory operation. The Operational Creditor supplied goods through Raj Transport Agency, issuing invoices from 12.11.2012 to 02.05.2013. The total outstanding dues amounted to INR 31,08,515.00, including a principal of INR 10,55,844.00 and interest of INR
…Sign in to view the parties.
Corporate Debtor issued a purchase order…
Confirmation order was…
The Wesman Engineering Co. Pvt. Ltd., the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Favourite Fabtech Pvt. Ltd., the Corporate Debtor, for default in payment of INR 31,08,515.00. The Corporate Debtor was to purchase equipment for a no-bake sand plant from the Operational Creditor. The Operational Creditor supplied the equipment, and invoices were issued. The Corporate Debtor acknowledged the debt in a meeting held on 31.05.2016, agreeing to pay within three days, but failed to do so. The Operational Creditor issued letters requesting payment, but the Corporate Debtor did not comply.
The Wesman Engineering Co. Pvt. Ltd. (Operational Creditor) supplied equipment to Favourite Fabtech Pvt. Ltd. (Corporate Debtor) for a no-bake sand plant, pursuant to a purchase order dated 05.06.2012. A confirmation order was issued on 29.06.2012. The terms included a 10% payment after 8 months of successful commissioning against a performance bank guarantee. The equipment was supplied, invoices were issued, and trial runs were conducted. The Corporate Debtor signed commissioning certificates acknowledging satisfactory operation. The Operational Creditor supplied goods through Raj Transport Agency, issuing invoices from 12.11.2012 to 02.05.2013. The total outstanding dues amounted to INR 31,08,515.00, including a principal of INR 10,55,844.00 and interest of INR
…Corporate Debtor issued a purchase order…
Confirmation order was…