M/s Naik Environmental Engineers Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Lucina Land Development Ltd., seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the respondent had approached them for the supply of Organic Waste Composting Machines (OWC) and placed two purchase orders. The applicant alleged that after delivering the machines, the respondent failed to make the payments as per the agreed terms. The respondent, however, contended that the OWCs were not supplied in full and were incomplete, leading to a pre-existing dispute.
M/s Naik Environmental Engineers Pvt. Ltd. (the applicant) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Lucina Land Development Ltd. (the respondent/corporate debtor). The applicant claimed that the respondent approached them for the supply of Organic Waste Composting Machines (OWC) and placed two purchase orders dated 16.11.2016 and 04.10.2016. The applicant alleged that 70% of the payment was to be made against the delivery of the OWCs. After delivery, the applicant raised two invoices dated 25.11.2016 for Rs. 10,60,000/- and 28.04.2017 for Rs. 20,14,000/-, which were duly received by the corporate debtor. The respondent made a part payment of Rs. 6,92,000/-. The applicant issued legal notices dated 21.11.2017 and a demand
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Purchase ord…
Purchase ord…
M/s Naik Environmental Engineers Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Lucina Land Development Ltd., seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the respondent had approached them for the supply of Organic Waste Composting Machines (OWC) and placed two purchase orders. The applicant alleged that after delivering the machines, the respondent failed to make the payments as per the agreed terms. The respondent, however, contended that the OWCs were not supplied in full and were incomplete, leading to a pre-existing dispute.
M/s Naik Environmental Engineers Pvt. Ltd. (the applicant) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Lucina Land Development Ltd. (the respondent/corporate debtor). The applicant claimed that the respondent approached them for the supply of Organic Waste Composting Machines (OWC) and placed two purchase orders dated 16.11.2016 and 04.10.2016. The applicant alleged that 70% of the payment was to be made against the delivery of the OWCs. After delivery, the applicant raised two invoices dated 25.11.2016 for Rs. 10,60,000/- and 28.04.2017 for Rs. 20,14,000/-, which were duly received by the corporate debtor. The respondent made a part payment of Rs. 6,92,000/-. The applicant issued legal notices dated 21.11.2017 and a demand
…Purchase ord…
Purchase ord…