Vesuvius India Ltd., a subsidiary of Vesuvius Group Limited, U.K., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fenace Auto Ltd., claiming to be an operational creditor. Vesuvius India Ltd. alleged that Fenace Auto Ltd. defaulted on payments for supplied materials and goods since 30.09.2015, despite reminders. The application sought initiation of Corporate Insolvency Resolution Process (CIRP) against Fenace Auto Ltd.
Vesuvius India Ltd., a subsidiary of Vesuvius Group Limited, U.K., supplied materials and goods to Fenace Auto Ltd. on credit. A running account was maintained for the invoices. Fenace Auto Ltd. defaulted on payments since 30.09.2015. Vesuvius India Ltd. issued a demand notice on 2017-07-04 under Section 8 of the Code, requesting repayment within ten days. Fenace Auto Ltd. did not reply or make any payment. The outstanding debt included invoices MH012642 (dated 2015-09-30) for Rs. 4,59,000/-, MH012898 (dated 2016-08-01) for Rs. 2,29,500/-, and MH014588 (dated 2017-03-15) for Rs. 1,54,913/-, totaling Rs. 8,43,413/- in principal and Rs. 2,03,813.95/- in interest, making a gross total of Rs. 10,47,226.95/-. Fenace Auto Ltd. claimed a dispute and financial soundness, but
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Vesuvius India Ltd. issued a demand notice…
Vesuvius India Ltd., a subsidiary of Vesuvius Group Limited, U.K., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fenace Auto Ltd., claiming to be an operational creditor. Vesuvius India Ltd. alleged that Fenace Auto Ltd. defaulted on payments for supplied materials and goods since 30.09.2015, despite reminders. The application sought initiation of Corporate Insolvency Resolution Process (CIRP) against Fenace Auto Ltd.
Vesuvius India Ltd., a subsidiary of Vesuvius Group Limited, U.K., supplied materials and goods to Fenace Auto Ltd. on credit. A running account was maintained for the invoices. Fenace Auto Ltd. defaulted on payments since 30.09.2015. Vesuvius India Ltd. issued a demand notice on 2017-07-04 under Section 8 of the Code, requesting repayment within ten days. Fenace Auto Ltd. did not reply or make any payment. The outstanding debt included invoices MH012642 (dated 2015-09-30) for Rs. 4,59,000/-, MH012898 (dated 2016-08-01) for Rs. 2,29,500/-, and MH014588 (dated 2017-03-15) for Rs. 1,54,913/-, totaling Rs. 8,43,413/- in principal and Rs. 2,03,813.95/- in interest, making a gross total of Rs. 10,47,226.95/-. Fenace Auto Ltd. claimed a dispute and financial soundness, but
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Vesuvius India Ltd. issued a demand notice…