President Engineering Works filed a Company Petition against Kelvion India Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) for an amount of Rs. 70,70,701/- (principal) and Rs. 14,64,171/- (interest). The Corporate Debtor opposed the petition, claiming a pre-existing dispute regarding the quality of materials supplied, leading to rework and a debit note of Rs. 31,96,135/-. The Operational Creditor argued that the Corporate Debtor used the supplied material and confirmed the outstanding balance, thus waiving any quality concerns.
President Engineering Works (Operational Creditor) filed a petition against Kelvion India Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming Rs. 70,70,701/- (principal) and Rs. 14,64,171/- (interest) due under 7 invoices. The Corporate Debtor opposed the petition, asserting a pre-existing dispute regarding the quality of materials supplied, resulting in rework and a debit note of Rs. 31,96,135/- dated 2019-05-23. The Operational Creditor argued that the Corporate Debtor used the supplied material and confirmed an outstanding balance of Rs. 56,06,530/- as of 2019-03-31 via a letter dated 2019-07-18. The Corporate Debtor's lawyer issued a reply notice dated 2019-09-06, acknowledging the demand but denying liability
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Corporate Debtor confirmed an outstanding…
Corporate Debtor issued…
President Engineering Works filed a Company Petition against Kelvion India Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) for an amount of Rs. 70,70,701/- (principal) and Rs. 14,64,171/- (interest). The Corporate Debtor opposed the petition, claiming a pre-existing dispute regarding the quality of materials supplied, leading to rework and a debit note of Rs. 31,96,135/-. The Operational Creditor argued that the Corporate Debtor used the supplied material and confirmed the outstanding balance, thus waiving any quality concerns.
President Engineering Works (Operational Creditor) filed a petition against Kelvion India Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming Rs. 70,70,701/- (principal) and Rs. 14,64,171/- (interest) due under 7 invoices. The Corporate Debtor opposed the petition, asserting a pre-existing dispute regarding the quality of materials supplied, resulting in rework and a debit note of Rs. 31,96,135/- dated 2019-05-23. The Operational Creditor argued that the Corporate Debtor used the supplied material and confirmed an outstanding balance of Rs. 56,06,530/- as of 2019-03-31 via a letter dated 2019-07-18. The Corporate Debtor's lawyer issued a reply notice dated 2019-09-06, acknowledging the demand but denying liability
…Corporate Debtor confirmed an outstanding…
Corporate Debtor issued…