The case involves an application filed by Nuvoco Vistas Corporation Limited (the Petitioner), an operational creditor, against Ishavashyam Infra LLP (the Respondent), the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) for the recovery of unpaid operational debt. The Respondent approached the Applicant for the purchase of Ready Mix Concrete (RMC), which was supplied between September and October 2015. The Applicant raised invoices, which were duly accepted by the Respondent. As per the terms of the purchase orders, payment was due within 15 days of each invoice. The Respondent failed to make the payments. The Respondent issued a cheque for part
…Nuvoco Vistas Corporation Limited (Applicant) supplied Ready Mix Concrete (RMC) to Ishavashyam Infra LLP (Respondent) between September and October 2015, based on purchase orders placed by the Respondent. The purchase orders stipulated payment within 15 days of supply. The Applicant raised invoices for the supplies, which were accepted by the Respondent. The Respondent failed to make payments as per the agreed terms. The Respondent issued a cheque for Rs. 14,40,000/- towards part payment, but it was returned by the bank on 03.02.2016 with the remark 'payment stopped by the drawer'. The Applicant issued a legal notice on 02.03.2016 under Section 138 of the Negotiable Instruments Act, 1881, demanding payment of Rs. 14,40,000/-, and subsequently filed a criminal complaint
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Ishavashyam Infra LLP…
Respondent placed…
The case involves an application filed by Nuvoco Vistas Corporation Limited (the Petitioner), an operational creditor, against Ishavashyam Infra LLP (the Respondent), the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) for the recovery of unpaid operational debt. The Respondent approached the Applicant for the purchase of Ready Mix Concrete (RMC), which was supplied between September and October 2015. The Applicant raised invoices, which were duly accepted by the Respondent. As per the terms of the purchase orders, payment was due within 15 days of each invoice. The Respondent failed to make the payments. The Respondent issued a cheque for part
…Nuvoco Vistas Corporation Limited (Applicant) supplied Ready Mix Concrete (RMC) to Ishavashyam Infra LLP (Respondent) between September and October 2015, based on purchase orders placed by the Respondent. The purchase orders stipulated payment within 15 days of supply. The Applicant raised invoices for the supplies, which were accepted by the Respondent. The Respondent failed to make payments as per the agreed terms. The Respondent issued a cheque for Rs. 14,40,000/- towards part payment, but it was returned by the bank on 03.02.2016 with the remark 'payment stopped by the drawer'. The Applicant issued a legal notice on 02.03.2016 under Section 138 of the Negotiable Instruments Act, 1881, demanding payment of Rs. 14,40,000/-, and subsequently filed a criminal complaint
…Ishavashyam Infra LLP…
Respondent placed…