VMS Equipment Pvt. Ltd., an operational creditor engaged in leasing heavy machinery, filed a petition against Primrose Infratech Pvt. Ltd., a real estate developer and the corporate debtor, for outstanding dues. The corporate debtor had hired a Tower Crane Model TC6040 from the operational creditor under a work order dated 2015-05-18, with a monthly rent of Rs. 2,12,000. The work order was initially for 12 months and later extended to 2016-10-31. The operational creditor claimed an outstanding amount of Rs. 7,48,911, after adjusting for advances and payments received. A demand notice under Section 8 of the IBC was issued on 2018-04-18, but the corporate debtor failed to respond, leading to the filing of the insolvency petition.
VMS Equipment Pvt. Ltd. (Operational Creditor) is in the business of leasing heavy machinery. Primrose Infratech Pvt. Ltd. (Corporate Debtor) is a real estate developer. The Corporate Debtor hired a Tower Crane Model TC6040 from the Operational Creditor vide a work order dated 2015-05-18, with a monthly rent of Rs. 2,12,000. The work order was initially for 12 months and later extended to 2016-10-31. The Operational Creditor claimed an outstanding amount of Rs. 7,48,911. A demand notice dated 2018-04-18 under Section 8 of the IBC was issued to which the Corporate Debtor failed to respond. The Corporate Debtor claimed they asked the Operational Creditor to remove the machines due to lack of work and financial difficulties. The Operational Creditor filed a petition for
…Sign in to view the parties.
Corporate Debtor hired…
Work order ext…
VMS Equipment Pvt. Ltd., an operational creditor engaged in leasing heavy machinery, filed a petition against Primrose Infratech Pvt. Ltd., a real estate developer and the corporate debtor, for outstanding dues. The corporate debtor had hired a Tower Crane Model TC6040 from the operational creditor under a work order dated 2015-05-18, with a monthly rent of Rs. 2,12,000. The work order was initially for 12 months and later extended to 2016-10-31. The operational creditor claimed an outstanding amount of Rs. 7,48,911, after adjusting for advances and payments received. A demand notice under Section 8 of the IBC was issued on 2018-04-18, but the corporate debtor failed to respond, leading to the filing of the insolvency petition.
VMS Equipment Pvt. Ltd. (Operational Creditor) is in the business of leasing heavy machinery. Primrose Infratech Pvt. Ltd. (Corporate Debtor) is a real estate developer. The Corporate Debtor hired a Tower Crane Model TC6040 from the Operational Creditor vide a work order dated 2015-05-18, with a monthly rent of Rs. 2,12,000. The work order was initially for 12 months and later extended to 2016-10-31. The Operational Creditor claimed an outstanding amount of Rs. 7,48,911. A demand notice dated 2018-04-18 under Section 8 of the IBC was issued to which the Corporate Debtor failed to respond. The Corporate Debtor claimed they asked the Operational Creditor to remove the machines due to lack of work and financial difficulties. The Operational Creditor filed a petition for
…Corporate Debtor hired…
Work order ext…