Sika Schweiz Ag-Aliva Equipment, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mekaster Engineering Limited, the corporate debtor, due to unpaid invoices. The operational creditor and corporate debtor had a Supply and Assembly Agreement since November 20, 2006, where the corporate debtor was granted the exclusive right to buy components from the operational creditor, assemble them into products, and sell them within India. The corporate debtor began delaying payments around 2010, citing economic recession. Despite assurances of payment, a significant outstanding amount remained unpaid. The corporate debtor attempted to terminate the agreement in September 2015, leading the operational creditor to
…Sika Schweiz Ag-Aliva Equipment (Operational Creditor) and Mekaster Engineering Limited (Corporate Debtor) entered into a Supply and Assembly Agreement on November 20, 2006, granting the Corporate Debtor exclusive rights to purchase components from the Operational Creditor, assemble them, and sell the finished products in India. The Corporate Debtor began delaying payments around 2010, citing economic recession. Despite assurances, the Corporate Debtor failed to pay an outstanding amount of CHF 520,238.40 plus interest. The Operational Creditor sent a legal notice on September 16, 2016, to Mr. Virender Mohan Trehan and Mr. Hardesh Parmeshwardas Mehta. The Operational Creditor issued a Demand Notice in Form-3 on February 16, 2017. The Corporate Debtor, in a letter dated
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Sika Schweiz Ag-Aliva Equipment and Mekaster…
Mekaster Engineering…
Sika Schweiz Ag-Aliva Equipment, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mekaster Engineering Limited, the corporate debtor, due to unpaid invoices. The operational creditor and corporate debtor had a Supply and Assembly Agreement since November 20, 2006, where the corporate debtor was granted the exclusive right to buy components from the operational creditor, assemble them into products, and sell them within India. The corporate debtor began delaying payments around 2010, citing economic recession. Despite assurances of payment, a significant outstanding amount remained unpaid. The corporate debtor attempted to terminate the agreement in September 2015, leading the operational creditor to
…Sika Schweiz Ag-Aliva Equipment (Operational Creditor) and Mekaster Engineering Limited (Corporate Debtor) entered into a Supply and Assembly Agreement on November 20, 2006, granting the Corporate Debtor exclusive rights to purchase components from the Operational Creditor, assemble them, and sell the finished products in India. The Corporate Debtor began delaying payments around 2010, citing economic recession. Despite assurances, the Corporate Debtor failed to pay an outstanding amount of CHF 520,238.40 plus interest. The Operational Creditor sent a legal notice on September 16, 2016, to Mr. Virender Mohan Trehan and Mr. Hardesh Parmeshwardas Mehta. The Operational Creditor issued a Demand Notice in Form-3 on February 16, 2017. The Corporate Debtor, in a letter dated
…Sika Schweiz Ag-Aliva Equipment and Mekaster…
Mekaster Engineering…