The case involves an application filed by Beeta Kone Tools, an operational creditor, seeking to initiate corporate insolvency resolution process (CIRP) against GEI Industrial Systems Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The claim arises from the supply of goods by Beeta Kone Tools to GEI Industrial Systems Ltd. based on purchase orders and invoices from 2011. Despite acknowledging the debt and issuing demand notices, GEI Industrial Systems Ltd. failed to make the payments, leading to the application for CIRP.
Beeta Kone Tools (the Applicant) supplied goods to GEI Industrial Systems Ltd. (the Respondent) based on purchase orders dated July 12, 2011, and October 8, 2011. Invoices were issued on December 29, 2011 (BKT-00497 for Rs. 3,443.00 and BKT-00498 for Rs. 221,915.00). The Respondent acknowledged receipt of the goods and accepted liability for the invoices, including interest. A letter from the Respondent dated February 16, 2015, acknowledged the debt. The Applicant claimed Rs. 2,25,358 towards the invoice amounts and Rs. 2,12,713 towards interest at 18% p.a., totaling Rs. 4,38,071. The Applicant issued legal notices on August 22, 2016, September 8, 2016, and December 8, 2016, demanding payment. A demand notice in Form 3 and Form 4 was issued on March 30, 2017, and
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Applicant re…
Applicant re…
The case involves an application filed by Beeta Kone Tools, an operational creditor, seeking to initiate corporate insolvency resolution process (CIRP) against GEI Industrial Systems Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The claim arises from the supply of goods by Beeta Kone Tools to GEI Industrial Systems Ltd. based on purchase orders and invoices from 2011. Despite acknowledging the debt and issuing demand notices, GEI Industrial Systems Ltd. failed to make the payments, leading to the application for CIRP.
Beeta Kone Tools (the Applicant) supplied goods to GEI Industrial Systems Ltd. (the Respondent) based on purchase orders dated July 12, 2011, and October 8, 2011. Invoices were issued on December 29, 2011 (BKT-00497 for Rs. 3,443.00 and BKT-00498 for Rs. 221,915.00). The Respondent acknowledged receipt of the goods and accepted liability for the invoices, including interest. A letter from the Respondent dated February 16, 2015, acknowledged the debt. The Applicant claimed Rs. 2,25,358 towards the invoice amounts and Rs. 2,12,713 towards interest at 18% p.a., totaling Rs. 4,38,071. The Applicant issued legal notices on August 22, 2016, September 8, 2016, and December 8, 2016, demanding payment. A demand notice in Form 3 and Form 4 was issued on March 30, 2017, and
…Applicant re…
Applicant re…