The case involves an application filed by Solartex India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Honest Derivatives Private Limited (Corporate Debtor) for unpaid operational debt. The operational debt pertains to the supply of goods (Indonesian Coal) for which invoices were raised, but payment was not made. The Corporate Debtor claimed there was a pre-existing dispute and also filed suits against the Operational Creditor and its associate concern Rawalwasia Textile Industries Private Limited.
Solartex India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Honest Derivatives Private Limited (Corporate Debtor) for an unpaid operational debt of INR 21,57,700.38, including interest. The debt arose from the supply of 500MT of Indonesian Coal based on a purchase order dated 27.10.2016. The Operational Creditor fulfilled the order by supplying the required quantity as per specifications. Invoices were raised, but the Corporate Debtor failed to make payments. The Operational Creditor issued a demand notice on 03.02.2018. The Corporate Debtor replied on 19.02.2018, denying the debt and claiming losses. The Corporate Debtor also claimed a pre-existing dispute and filed suits against the
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Corporate Debtor placed purchase order…
Date of Defa…
The case involves an application filed by Solartex India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Honest Derivatives Private Limited (Corporate Debtor) for unpaid operational debt. The operational debt pertains to the supply of goods (Indonesian Coal) for which invoices were raised, but payment was not made. The Corporate Debtor claimed there was a pre-existing dispute and also filed suits against the Operational Creditor and its associate concern Rawalwasia Textile Industries Private Limited.
Solartex India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Honest Derivatives Private Limited (Corporate Debtor) for an unpaid operational debt of INR 21,57,700.38, including interest. The debt arose from the supply of 500MT of Indonesian Coal based on a purchase order dated 27.10.2016. The Operational Creditor fulfilled the order by supplying the required quantity as per specifications. Invoices were raised, but the Corporate Debtor failed to make payments. The Operational Creditor issued a demand notice on 03.02.2018. The Corporate Debtor replied on 19.02.2018, denying the debt and claiming losses. The Corporate Debtor also claimed a pre-existing dispute and filed suits against the
…Corporate Debtor placed purchase order…
Date of Defa…