M/s Santosh Associates filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Paramex Transformers Limited due to an alleged default in settling an amount of Rs. 7,21,487, which includes interest on the supply of transformer oil. The applicant, M/s Santosh Associates, was the distributor of transformer oil to Indian Oil Corporation (Marketing Division), for which the respondent, M/s Paramex Transformers Limited, had placed an order.
M/s Santosh Associates, the applicant, is a distributor of transformer oil. M/s Paramex Transformers Limited, the respondent, placed an order for the supply and delivery of transformer oil to Indian Oil Corporation (Marketing Division) through the applicant. On 15.07.2015, the respondent placed the order. On 29.07.2015, the applicant bought the transformer oil from Indian Oil Corporation, Kolkata, pursuant to the respondent's order. The respondent authorized M/s Shanti Roadlines to deliver the transformer oil to Noida from Kolkata, and paid freight charges of Rs. 1,12,200. The applicant paid Rs. 10,23,967 to Indian Oil Corporation for the transformer oil. After delivery on 03.08.2015, the applicant raised an invoice for Rs. 10,23,967 in the respondent's name. The
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The Respondent, Paramex Transformers Limited,…
The Applicant, Santosh Associates, bought…
M/s Santosh Associates filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Paramex Transformers Limited due to an alleged default in settling an amount of Rs. 7,21,487, which includes interest on the supply of transformer oil. The applicant, M/s Santosh Associates, was the distributor of transformer oil to Indian Oil Corporation (Marketing Division), for which the respondent, M/s Paramex Transformers Limited, had placed an order.
M/s Santosh Associates, the applicant, is a distributor of transformer oil. M/s Paramex Transformers Limited, the respondent, placed an order for the supply and delivery of transformer oil to Indian Oil Corporation (Marketing Division) through the applicant. On 15.07.2015, the respondent placed the order. On 29.07.2015, the applicant bought the transformer oil from Indian Oil Corporation, Kolkata, pursuant to the respondent's order. The respondent authorized M/s Shanti Roadlines to deliver the transformer oil to Noida from Kolkata, and paid freight charges of Rs. 1,12,200. The applicant paid Rs. 10,23,967 to Indian Oil Corporation for the transformer oil. After delivery on 03.08.2015, the applicant raised an invoice for Rs. 10,23,967 in the respondent's name. The
…The Respondent, Paramex Transformers Limited,…
The Applicant, Santosh Associates, bought…