Cooltech Appliances Pvt. Ltd. (Petitioner) initiated the Corporate Insolvency Resolution Process (CIRP) against Kail Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition was based on the Corporate Debtor's default in repayment of dues amounting to ₹11,08,649/-. The petitioner initially claimed 18% p.a. interest but later revised the claim to only the principal amount. The petitioner had supplied air coolers to the Corporate Debtor and raised an invoice on 19.04.2017. A demand notice was issued on 05.03.2018, but no reply or payment was received from the Corporate Debtor.
Cooltech Appliances Pvt. Ltd. supplied air coolers to Kail Limited. An invoice was raised on 2017-04-19 for ₹11,08,649/-. Kail Limited failed to make the payment. Cooltech Appliances issued a demand notice on 2018-03-05, demanding the outstanding amount along with interest. Kail Limited did not respond to the demand notice. Cooltech Appliances filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kail Limited. The Corporate Debtor admitted the debt and default during the hearing. State Bank of India, a financial creditor of Kail Limited, had also filed a petition under Section 7 of the IBC, which was pending admission. The relevance of these facts is to establish the debt,
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Cooltech Appliances Pvt. Ltd. raised an…
Cooltech Appliances Pvt. Ltd. issued a demand…
Cooltech Appliances Pvt. Ltd. (Petitioner) initiated the Corporate Insolvency Resolution Process (CIRP) against Kail Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition was based on the Corporate Debtor's default in repayment of dues amounting to ₹11,08,649/-. The petitioner initially claimed 18% p.a. interest but later revised the claim to only the principal amount. The petitioner had supplied air coolers to the Corporate Debtor and raised an invoice on 19.04.2017. A demand notice was issued on 05.03.2018, but no reply or payment was received from the Corporate Debtor.
Cooltech Appliances Pvt. Ltd. supplied air coolers to Kail Limited. An invoice was raised on 2017-04-19 for ₹11,08,649/-. Kail Limited failed to make the payment. Cooltech Appliances issued a demand notice on 2018-03-05, demanding the outstanding amount along with interest. Kail Limited did not respond to the demand notice. Cooltech Appliances filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kail Limited. The Corporate Debtor admitted the debt and default during the hearing. State Bank of India, a financial creditor of Kail Limited, had also filed a petition under Section 7 of the IBC, which was pending admission. The relevance of these facts is to establish the debt,
…Cooltech Appliances Pvt. Ltd. raised an…
Cooltech Appliances Pvt. Ltd. issued a demand…