The case pertains to a Company Petition (IB) No. 343/ALD/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor, M/s Delhi Control Devices (P) Limited, initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s Fedders Electric and Engineering Ltd, based on unpaid operational debt. A settlement agreement was reached between the parties, but the corporate debtor defaulted on the second installment. The applicant then relied on the same demand notice which was already withdrawn as per the settlement agreement.
M/s Delhi Control Devices (P) Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Fedders Electric and Engineering Ltd, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment for goods supplied as per purchase order. A settlement agreement was executed between the parties on 25.05.2018, wherein the corporate debtor agreed to pay the principal amount of Rs 42,41,034 in two installments. The corporate debtor paid the first installment of Rs.20,00,000 on 31.05.2018 but defaulted on the second installment of Rs.22,41,034. The operational creditor had issued a demand notice dated 06.04.2018, which
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M/s Delhi Control…
M/s Fedders Electric &…
The case pertains to a Company Petition (IB) No. 343/ALD/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor, M/s Delhi Control Devices (P) Limited, initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s Fedders Electric and Engineering Ltd, based on unpaid operational debt. A settlement agreement was reached between the parties, but the corporate debtor defaulted on the second installment. The applicant then relied on the same demand notice which was already withdrawn as per the settlement agreement.
M/s Delhi Control Devices (P) Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Fedders Electric and Engineering Ltd, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment for goods supplied as per purchase order. A settlement agreement was executed between the parties on 25.05.2018, wherein the corporate debtor agreed to pay the principal amount of Rs 42,41,034 in two installments. The corporate debtor paid the first installment of Rs.20,00,000 on 31.05.2018 but defaulted on the second installment of Rs.22,41,034. The operational creditor had issued a demand notice dated 06.04.2018, which
…M/s Delhi Control…
M/s Fedders Electric &…