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 despite delivering the machines, the respondent failed to make the payments as per the agreed terms.
M/s Naik Environmental Engineers Pvt. Ltd. (the applicant) filed a petition against M/s Lucina Land Development Ltd. (the respondent/corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed that the respondent approached them for the supply of Organic Waste Composting Machines (OWC). Two purchase orders were placed on 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. The applicant raised 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 on 21.11.2017 for outstanding dues of Rs.
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Purchase order no.…
Purchase order no.…
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 despite delivering the machines, the respondent failed to make the payments as per the agreed terms.
M/s Naik Environmental Engineers Pvt. Ltd. (the applicant) filed a petition against M/s Lucina Land Development Ltd. (the respondent/corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed that the respondent approached them for the supply of Organic Waste Composting Machines (OWC). Two purchase orders were placed on 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. The applicant raised 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 on 21.11.2017 for outstanding dues of Rs.
…Purchase order no.…
Purchase order no.…