Prayag Polytech Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Prayag Tubes Pvt. Ltd. seeking to initiate the Corporate Insolvency Resolution Process (CIRP) for an alleged default of Rs. 9,10,155/- plus interest. The applicant claimed to have supplied materials to the respondent, raising invoices totaling Rs. 13,78,404/-, out of which Rs. 6,62,944/- was received, leaving a balance of Rs. 7,15,460/-. The last payment received was on 31.03.2018. A demand notice was issued on 09.08.2019, claiming Rs. 8,78,930/- including interest. The respondent contended that the amount claimed had been adjusted against a loan availed by the applicant from Prayag Polymers Private Limited, a sister concern of the respondent. The
…Prayag Polytech Private Limited (the applicant/operational creditor) claimed that Prayag Tubes Pvt. Ltd. (the respondent/corporate debtor) defaulted on payments for materials supplied. The total amount of invoices raised was Rs. 13,78,404/-, with Rs. 6,62,944/- paid, leaving a balance of Rs. 7,15,460/-. The last payment was received on 31.03.2018. A demand notice was issued on 09.08.2019 for Rs. 8,78,930/- (including interest). The respondent argued that the outstanding amount was adjusted against a loan of Rs. 1,00,00,000/- availed by the applicant from Prayag Polymers Pvt. Ltd., a sister concern of the respondent. The respondent submitted letters dated 29.11.2018 and 30.11.2018, acknowledging the adjustment. The applicant denied availing any loan and disputed the
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The applicant received…
The applicant issued a statutory demand notice…
Prayag Polytech Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Prayag Tubes Pvt. Ltd. seeking to initiate the Corporate Insolvency Resolution Process (CIRP) for an alleged default of Rs. 9,10,155/- plus interest. The applicant claimed to have supplied materials to the respondent, raising invoices totaling Rs. 13,78,404/-, out of which Rs. 6,62,944/- was received, leaving a balance of Rs. 7,15,460/-. The last payment received was on 31.03.2018. A demand notice was issued on 09.08.2019, claiming Rs. 8,78,930/- including interest. The respondent contended that the amount claimed had been adjusted against a loan availed by the applicant from Prayag Polymers Private Limited, a sister concern of the respondent. The
…Prayag Polytech Private Limited (the applicant/operational creditor) claimed that Prayag Tubes Pvt. Ltd. (the respondent/corporate debtor) defaulted on payments for materials supplied. The total amount of invoices raised was Rs. 13,78,404/-, with Rs. 6,62,944/- paid, leaving a balance of Rs. 7,15,460/-. The last payment was received on 31.03.2018. A demand notice was issued on 09.08.2019 for Rs. 8,78,930/- (including interest). The respondent argued that the outstanding amount was adjusted against a loan of Rs. 1,00,00,000/- availed by the applicant from Prayag Polymers Pvt. Ltd., a sister concern of the respondent. The respondent submitted letters dated 29.11.2018 and 30.11.2018, acknowledging the adjustment. The applicant denied availing any loan and disputed the
…The applicant received…
The applicant issued a statutory demand notice…