Abhiyanta Inc. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Prism Surface Coatings Private Limited, claiming default on four purchase orders/invoices. Prism Surface Coatings opposed the petition, alleging defective supply of goods and claiming damages for breach of contract. The petitioner claimed a total amount of Rs. 1,57,48,155, out of which Rs. 27,86,731 remained unpaid along with interest. The respondent contended that the petitioner's supplies were defective, leading to losses for the respondent, and that the petitioner had not rectified the defects despite being notified. The respondent also initiated arbitral proceedings for damages.
Abhiyanta Inc. (Operational Creditor) filed CP (IB) No.341/BB/2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Prism Surface Coatings Private Limited (Corporate Debtor) for default in payment of Rs.27,86,731/- along with interest of Rs.3,34,407.72/-. The default arose from four purchase orders/invoices dated 22.01.2016, 10.11.2016, 10.11.2016, and 10.02.2017, totaling Rs.1,57,48,155/-. The Corporate Debtor contended that the goods supplied by the Operational Creditor were defective, leading to withholding of payments by their clients and subsequent losses. The Corporate Debtor also initiated arbitral proceedings against the Operational Creditor for breach of contract and damages amounting to Rs.78,00,000/-. The Operational Creditor claimed that
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Purchase Order…
Purchase Order…
Abhiyanta Inc. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Prism Surface Coatings Private Limited, claiming default on four purchase orders/invoices. Prism Surface Coatings opposed the petition, alleging defective supply of goods and claiming damages for breach of contract. The petitioner claimed a total amount of Rs. 1,57,48,155, out of which Rs. 27,86,731 remained unpaid along with interest. The respondent contended that the petitioner's supplies were defective, leading to losses for the respondent, and that the petitioner had not rectified the defects despite being notified. The respondent also initiated arbitral proceedings for damages.
Abhiyanta Inc. (Operational Creditor) filed CP (IB) No.341/BB/2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Prism Surface Coatings Private Limited (Corporate Debtor) for default in payment of Rs.27,86,731/- along with interest of Rs.3,34,407.72/-. The default arose from four purchase orders/invoices dated 22.01.2016, 10.11.2016, 10.11.2016, and 10.02.2017, totaling Rs.1,57,48,155/-. The Corporate Debtor contended that the goods supplied by the Operational Creditor were defective, leading to withholding of payments by their clients and subsequent losses. The Corporate Debtor also initiated arbitral proceedings against the Operational Creditor for breach of contract and damages amounting to Rs.78,00,000/-. The Operational Creditor claimed that
…Purchase Order…
Purchase Order…