AIC Casting Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jainex Metaliks Ltd., the Corporate Debtor, for non-payment of an operational debt amounting to Rs. 15,34,622/-. The Operational Creditor claimed that the Corporate Debtor failed to make payments despite repeated demands. The Corporate Debtor contested the application, arguing that the debt was time-barred and that there was a pre-existing dispute regarding the quality of goods supplied.
AIC Casting Pvt. Ltd. (Operational Creditor) claimed that Jainex Metaliks Ltd. (Corporate Debtor) owed them Rs. 15,34,622/- as an unpaid operational debt. The debt arose from the supply of goods ('C.I. Ingot Mould') based on a verbal order. The Operational Creditor raised a Tax Invoice and Excise Invoice Cum Challan dated 2013-08-27. The Corporate Debtor allegedly did not make any payments. The Operational Creditor sent a demand notice on 2017-10-23. The Corporate Debtor replied on 2017-10-31, raising issues about the quality of goods and the limitation period. The Corporate Debtor argued that the application was an attempt to bring a time-barred debt into legal operation and that they had been regular in dealing with the Operational Creditor since 2012, making regular
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Operational Creditor…
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AIC Casting Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jainex Metaliks Ltd., the Corporate Debtor, for non-payment of an operational debt amounting to Rs. 15,34,622/-. The Operational Creditor claimed that the Corporate Debtor failed to make payments despite repeated demands. The Corporate Debtor contested the application, arguing that the debt was time-barred and that there was a pre-existing dispute regarding the quality of goods supplied.
AIC Casting Pvt. Ltd. (Operational Creditor) claimed that Jainex Metaliks Ltd. (Corporate Debtor) owed them Rs. 15,34,622/- as an unpaid operational debt. The debt arose from the supply of goods ('C.I. Ingot Mould') based on a verbal order. The Operational Creditor raised a Tax Invoice and Excise Invoice Cum Challan dated 2013-08-27. The Corporate Debtor allegedly did not make any payments. The Operational Creditor sent a demand notice on 2017-10-23. The Corporate Debtor replied on 2017-10-31, raising issues about the quality of goods and the limitation period. The Corporate Debtor argued that the application was an attempt to bring a time-barred debt into legal operation and that they had been regular in dealing with the Operational Creditor since 2012, making regular
…Operational Creditor…
Operational Creditor…
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