The case involves a petition filed by Hypro Engineers Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Jungbusch Ales India Private Limited (Corporate Debtor/Respondent). The Operational Creditor claimed a default on a principal outstanding amount of Rs. 59,80,000 along with interest of Rs. 27,13,000 as of December 15, 2019, for the supply of microbrewery systems. Disputes arose regarding payments, with the Respondent alleging defects in the machinery and claiming revenue loss. The Respondent also stated that no debt was payable and that they had not received a Demand Notice under Section 8 of the Code. The case was listed on multiple
…Hypro Engineers Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against Jungbusch Ales India Private Limited (Corporate Debtor) for default in payment of Rs. 59,80,000 plus interest of Rs. 27,13,000 as of December 15, 2019, related to the supply of two microbrewery systems. The Corporate Debtor disputed the debt, claiming defects in the supplied machinery and revenue loss. The Corporate Debtor also stated that no demand notice was received under Section 8 of the IBC. The Corporate Debtor had also filed a Pre Institution Mediation Application. The parties subsequently filed a joint memo agreeing to settle all claims for Rs. 35,00,000, payable in installments by the Corporate Debtor. The Operational Creditor agreed to withdraw
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Outstanding amount of Rs. 59,80,000 plus…
The Applicant and…
The case involves a petition filed by Hypro Engineers Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Jungbusch Ales India Private Limited (Corporate Debtor/Respondent). The Operational Creditor claimed a default on a principal outstanding amount of Rs. 59,80,000 along with interest of Rs. 27,13,000 as of December 15, 2019, for the supply of microbrewery systems. Disputes arose regarding payments, with the Respondent alleging defects in the machinery and claiming revenue loss. The Respondent also stated that no debt was payable and that they had not received a Demand Notice under Section 8 of the Code. The case was listed on multiple
…Hypro Engineers Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against Jungbusch Ales India Private Limited (Corporate Debtor) for default in payment of Rs. 59,80,000 plus interest of Rs. 27,13,000 as of December 15, 2019, related to the supply of two microbrewery systems. The Corporate Debtor disputed the debt, claiming defects in the supplied machinery and revenue loss. The Corporate Debtor also stated that no demand notice was received under Section 8 of the IBC. The Corporate Debtor had also filed a Pre Institution Mediation Application. The parties subsequently filed a joint memo agreeing to settle all claims for Rs. 35,00,000, payable in installments by the Corporate Debtor. The Operational Creditor agreed to withdraw
…Outstanding amount of Rs. 59,80,000 plus…
The Applicant and…