The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Motovario Gear Solutions Pvt. Ltd. (Operational Creditor) against J.R. Furnace and Ovens Private Limited (Corporate Debtor) for default in payment of operational debt. The Operational Creditor supplied Geared Motors to the Corporate Debtor, who placed three purchase orders. A credit limit facility of 45 days was extended with an agreed interest of 18% p.a. for delayed payments. The Operational Creditor raised four tax invoices, but the Corporate Debtor failed to make the payments.
Motovario Gear Solutions Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against J.R. Furnace and Ovens Private Limited (Corporate Debtor) due to unpaid operational debt. The Corporate Debtor engaged the Operational Creditor for the supply of Geared Motors and placed three purchase orders. The Operational Creditor extended a 45-day credit limit with an 18% p.a. interest clause for delayed payments. Four tax invoices were raised, totaling ₹6,59,162/-, including principal and interest. A cheque issued by the Corporate Debtor for ₹2,72,777/- was returned with the endorsement "Exceeds Arrangement". A legal notice was issued on 06.04.2019, but the Corporate Debtor did not respond. A demand notice
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Invoices were raised by…
Corporate Debtor issued…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Motovario Gear Solutions Pvt. Ltd. (Operational Creditor) against J.R. Furnace and Ovens Private Limited (Corporate Debtor) for default in payment of operational debt. The Operational Creditor supplied Geared Motors to the Corporate Debtor, who placed three purchase orders. A credit limit facility of 45 days was extended with an agreed interest of 18% p.a. for delayed payments. The Operational Creditor raised four tax invoices, but the Corporate Debtor failed to make the payments.
Motovario Gear Solutions Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against J.R. Furnace and Ovens Private Limited (Corporate Debtor) due to unpaid operational debt. The Corporate Debtor engaged the Operational Creditor for the supply of Geared Motors and placed three purchase orders. The Operational Creditor extended a 45-day credit limit with an 18% p.a. interest clause for delayed payments. Four tax invoices were raised, totaling ₹6,59,162/-, including principal and interest. A cheque issued by the Corporate Debtor for ₹2,72,777/- was returned with the endorsement "Exceeds Arrangement". A legal notice was issued on 06.04.2019, but the Corporate Debtor did not respond. A demand notice
…Invoices were raised by…
Corporate Debtor issued…