Ultratech Cement Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Khan & Co Infra Projects Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The claim arose from unpaid invoices for materials supplied by the Operational Creditor to the Corporate Debtor. Initially, the parties had settled the matter, leading to the withdrawal of an earlier Company Petition (3326/2018). As part of the settlement, the Corporate Debtor issued 17 post-dated cheques. However, most of these cheques were dishonored due to insufficient funds. The Operational Creditor then issued a demand notice, which the Corporate Debtor failed to respond to or comply
…Ultratech Cement Limited (Operational Creditor) supplied construction materials to Khan & Co Infra Projects Private Limited (Corporate Debtor) based on the latter's requests and orders. The Corporate Debtor received the materials without raising any disputes. The Operational Creditor issued invoices for the supplied materials. As of 2019-08-10, the Corporate Debtor failed to pay Rs. 17,12,182/- against the invoices. Despite repeated requests, the Corporate Debtor did not make the payments. The parties initially settled the matter, leading to the withdrawal of a previous Company Petition. As part of the settlement, the Corporate Debtor agreed to pay Rs. 17,12,182/- in 17 installments and issued post-dated cheques. The Corporate Debtor honored the first three
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Company Petition…
Hon'ble NCLT disposed…
Ultratech Cement Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Khan & Co Infra Projects Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The claim arose from unpaid invoices for materials supplied by the Operational Creditor to the Corporate Debtor. Initially, the parties had settled the matter, leading to the withdrawal of an earlier Company Petition (3326/2018). As part of the settlement, the Corporate Debtor issued 17 post-dated cheques. However, most of these cheques were dishonored due to insufficient funds. The Operational Creditor then issued a demand notice, which the Corporate Debtor failed to respond to or comply
…Ultratech Cement Limited (Operational Creditor) supplied construction materials to Khan & Co Infra Projects Private Limited (Corporate Debtor) based on the latter's requests and orders. The Corporate Debtor received the materials without raising any disputes. The Operational Creditor issued invoices for the supplied materials. As of 2019-08-10, the Corporate Debtor failed to pay Rs. 17,12,182/- against the invoices. Despite repeated requests, the Corporate Debtor did not make the payments. The parties initially settled the matter, leading to the withdrawal of a previous Company Petition. As part of the settlement, the Corporate Debtor agreed to pay Rs. 17,12,182/- in 17 installments and issued post-dated cheques. The Corporate Debtor honored the first three
…Company Petition…
Hon'ble NCLT disposed…