Ingersoll Rand Climate Solutions Private Limited, the Operational Creditor, filed a petition against Prajay Engineers Syndicate Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged operational debt of Rs. 6,63,118/-. The Operational Creditor claimed that the debt arose from an Annual Maintenance Contract (AMC) services provided to the Corporate Debtor. The Corporate Debtor contested the claim, asserting that there was no operational debt as defined under the IBC and that the Operational Creditor had breached its obligations under the AMC agreement.
Ingersoll Rand Climate Solutions Private Limited (Operational Creditor) claimed that Prajay Engineers Syndicate Limited (Corporate Debtor) owed them Rs. 6,63,118/- due to unpaid invoices for Annual Maintenance Contract (AMC) services. The Operational Creditor stated that the debt became due with 18% interest p.a. from 20.08.2016. The Corporate Debtor argued that there was no operational debt as defined under the IBC, and that the Operational Creditor had breached its obligations under the AMC agreement. The Corporate Debtor also contended that the petition was filed by a Power of Attorney holder without specific authorization for initiating CIRP. The Operational Creditor submitted a purchase order dated 25.02.2016 as evidence of the AMC agreement, but failed to provide
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Invoice No.185…
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Ingersoll Rand Climate Solutions Private Limited, the Operational Creditor, filed a petition against Prajay Engineers Syndicate Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged operational debt of Rs. 6,63,118/-. The Operational Creditor claimed that the debt arose from an Annual Maintenance Contract (AMC) services provided to the Corporate Debtor. The Corporate Debtor contested the claim, asserting that there was no operational debt as defined under the IBC and that the Operational Creditor had breached its obligations under the AMC agreement.
Ingersoll Rand Climate Solutions Private Limited (Operational Creditor) claimed that Prajay Engineers Syndicate Limited (Corporate Debtor) owed them Rs. 6,63,118/- due to unpaid invoices for Annual Maintenance Contract (AMC) services. The Operational Creditor stated that the debt became due with 18% interest p.a. from 20.08.2016. The Corporate Debtor argued that there was no operational debt as defined under the IBC, and that the Operational Creditor had breached its obligations under the AMC agreement. The Corporate Debtor also contended that the petition was filed by a Power of Attorney holder without specific authorization for initiating CIRP. The Operational Creditor submitted a purchase order dated 25.02.2016 as evidence of the AMC agreement, but failed to provide
…Corporate Debtor placed…
Invoice No.185…
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