The case involves an application filed by Suryaa Chamball Power Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Prakriti Power Private Limited, the corporate debtor. The operational debt arises from the procurement and installation of a weighbridge at the corporate debtor's premises, for which the applicant raised debit notes. The corporate debtor disputes the debt, citing limitation and settlement agreements with related parties.
Suryaa Chamball Power Limited (the Applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Prakriti Power Private Limited (the Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Applicant claimed to be an operational creditor, asserting that the Corporate Debtor owed them Rs. 12,93,542/- excluding interest of Rs. 8,79,609/-. The debt arose from the procurement and installation of a weighbridge at the Corporate Debtor's premises, based on a purchase order dated 22.12.2011. The Applicant raised debit notes dated 31.03.2012 and 31.03.2013. The Corporate Debtor confirmed and acknowledged the total due amount of Rs. 12,93,542/- through Confirmation of Account. The Corporate Debtor
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Applicant placed a purchase order for…
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The case involves an application filed by Suryaa Chamball Power Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Prakriti Power Private Limited, the corporate debtor. The operational debt arises from the procurement and installation of a weighbridge at the corporate debtor's premises, for which the applicant raised debit notes. The corporate debtor disputes the debt, citing limitation and settlement agreements with related parties.
Suryaa Chamball Power Limited (the Applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Prakriti Power Private Limited (the Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Applicant claimed to be an operational creditor, asserting that the Corporate Debtor owed them Rs. 12,93,542/- excluding interest of Rs. 8,79,609/-. The debt arose from the procurement and installation of a weighbridge at the Corporate Debtor's premises, based on a purchase order dated 22.12.2011. The Applicant raised debit notes dated 31.03.2012 and 31.03.2013. The Corporate Debtor confirmed and acknowledged the total due amount of Rs. 12,93,542/- through Confirmation of Account. The Corporate Debtor
…Applicant placed a purchase order for…
Applicant issued…