The case involves Accurate Engineering Group, an operational creditor, filing a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jekson Machinery Private Limited, the corporate debtor, for non-payment of outstanding dues related to a purchase order. The operational creditor claimed that the corporate debtor failed to deliver machinery as per the agreed schedule and subsequently dishonored post-dated cheques issued for the advance payment. The corporate debtor raised objections, contending that the petition was defective and that the advance amount paid should not be termed as 'operational debt'.
Accurate Engineering Group (operational creditor) placed a purchase order with Jekson Machinery Private Limited (corporate debtor) on 2019-03-12 for a CNC Press Brake JCPB-2026, with delivery due by 2019-03-27. Accurate Engineering Group paid an advance of Rs. 12,00,000/- (60% of the total amount) on 2019-03-13, which was acknowledged by Jekson Machinery Private Limited. Jekson Machinery Private Limited failed to deliver the machinery as per the schedule. On 2019-05-21, Jekson Machinery Private Limited issued four post-dated cheques of Rs. 3,00,000/- each, dated 2019-05-30 and 2019-06-10, which were dishonored due to lack of funds. Accurate Engineering Group sent multiple reminders in July 2019 for the outstanding dues of Rs. 12,00,000/-, but Jekson Machinery Private
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The case involves Accurate Engineering Group, an operational creditor, filing a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jekson Machinery Private Limited, the corporate debtor, for non-payment of outstanding dues related to a purchase order. The operational creditor claimed that the corporate debtor failed to deliver machinery as per the agreed schedule and subsequently dishonored post-dated cheques issued for the advance payment. The corporate debtor raised objections, contending that the petition was defective and that the advance amount paid should not be termed as 'operational debt'.
Accurate Engineering Group (operational creditor) placed a purchase order with Jekson Machinery Private Limited (corporate debtor) on 2019-03-12 for a CNC Press Brake JCPB-2026, with delivery due by 2019-03-27. Accurate Engineering Group paid an advance of Rs. 12,00,000/- (60% of the total amount) on 2019-03-13, which was acknowledged by Jekson Machinery Private Limited. Jekson Machinery Private Limited failed to deliver the machinery as per the schedule. On 2019-05-21, Jekson Machinery Private Limited issued four post-dated cheques of Rs. 3,00,000/- each, dated 2019-05-30 and 2019-06-10, which were dishonored due to lack of funds. Accurate Engineering Group sent multiple reminders in July 2019 for the outstanding dues of Rs. 12,00,000/-, but Jekson Machinery Private
…Accurate Engineering Group placed a purchase…
Accurate Engineering Group paid an advance of…
Sign in to view related legal provisions.