The case pertains to an application filed by Dunlop Taikoo (Jinjiang) Aircraft Tyres Co. Ltd., the Operational Creditor, under Section 9 of the IBC, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Magnum Aviation Pvt. Ltd., the Corporate Debtor. The Operational Creditor claims a default in payment for the supply of aircraft tyres and allied materials. The Corporate Debtor, in its reply, initially stated that no amount was due but later admitted to withholding payment due to issues with their own customer payments.
Dunlop Taikoo (Jinjiang) Aircraft Tyres Co. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Magnum Aviation Pvt. Ltd. (Corporate Debtor) due to unpaid dues. The Operational Creditor claimed that the Corporate Debtor owed USD 71,301.00 (equivalent to Rs. 49,01,936.61 as of July 5, 2019) for the supply of aircraft tyres and allied materials. The invoices pertained to the period from June 15, 2016, to November 15, 2016, with an initial total amount of USD 77,257.00, which was later adjusted to USD 71,301.00. The Corporate Debtor failed to pay despite a notice sent under Section 8 of the IBC on May 29, 2018. In its reply, the Corporate Debtor admitted to withholding payment due to issues with their own customer
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The case pertains to an application filed by Dunlop Taikoo (Jinjiang) Aircraft Tyres Co. Ltd., the Operational Creditor, under Section 9 of the IBC, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Magnum Aviation Pvt. Ltd., the Corporate Debtor. The Operational Creditor claims a default in payment for the supply of aircraft tyres and allied materials. The Corporate Debtor, in its reply, initially stated that no amount was due but later admitted to withholding payment due to issues with their own customer payments.
Dunlop Taikoo (Jinjiang) Aircraft Tyres Co. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Magnum Aviation Pvt. Ltd. (Corporate Debtor) due to unpaid dues. The Operational Creditor claimed that the Corporate Debtor owed USD 71,301.00 (equivalent to Rs. 49,01,936.61 as of July 5, 2019) for the supply of aircraft tyres and allied materials. The invoices pertained to the period from June 15, 2016, to November 15, 2016, with an initial total amount of USD 77,257.00, which was later adjusted to USD 71,301.00. The Corporate Debtor failed to pay despite a notice sent under Section 8 of the IBC on May 29, 2018. In its reply, the Corporate Debtor admitted to withholding payment due to issues with their own customer
…The period fo…
The period fo…