The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Renuka Sales Corporation, an operational creditor, against JKR Techno Engineering Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The applicant claimed that the corporate debtor had placed purchase orders for bronze gate valves between July 2014 and January 2016, and despite supplying the materials and raising invoices, an outstanding amount of Rs. 8,99,551/- remained unpaid as of May 12, 2016. A cheque issued by the corporate debtor was dishonored due to insufficient funds. The matter was referred to mediation, where the corporate debtor agreed to pay in installments, but failed to
…Renuka Sales Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against JKR Techno Engineering Pvt. Ltd., the corporate debtor. The corporate debtor placed purchase orders for bronze gate valves between July 2014 and January 2016. Renuka Sales Corporation supplied the materials, but an outstanding amount of Rs. 8,99,551/- remained unpaid as of May 12, 2016. A cheque issued by the corporate debtor, dated February 18, 2016, for Rs. 1,40,997/-, was dishonored due to insufficient funds. The matter was referred to mediation, where the corporate debtor agreed to pay Rs. 8,99,565/- in 10 monthly installments, as recorded in an order dated September 16, 2016. The corporate debtor made a payment of Rs. 50,000
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Renuka Sales Corporation, an operational creditor, against JKR Techno Engineering Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The applicant claimed that the corporate debtor had placed purchase orders for bronze gate valves between July 2014 and January 2016, and despite supplying the materials and raising invoices, an outstanding amount of Rs. 8,99,551/- remained unpaid as of May 12, 2016. A cheque issued by the corporate debtor was dishonored due to insufficient funds. The matter was referred to mediation, where the corporate debtor agreed to pay in installments, but failed to
…Renuka Sales Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against JKR Techno Engineering Pvt. Ltd., the corporate debtor. The corporate debtor placed purchase orders for bronze gate valves between July 2014 and January 2016. Renuka Sales Corporation supplied the materials, but an outstanding amount of Rs. 8,99,551/- remained unpaid as of May 12, 2016. A cheque issued by the corporate debtor, dated February 18, 2016, for Rs. 1,40,997/-, was dishonored due to insufficient funds. The matter was referred to mediation, where the corporate debtor agreed to pay Rs. 8,99,565/- in 10 monthly installments, as recorded in an order dated September 16, 2016. The corporate debtor made a payment of Rs. 50,000
…Corporate debtor placed purchase orders for…
Applicant supplied…