This case involves an application filed by RQS Engineering Pvt. Ltd., the Operational Creditor (OC), against Reliable Insupack Pvt. Ltd., the Corporate Debtor (CD), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The OC claimed that the CD defaulted on payments for goods and raw materials supplied based on purchase orders. A previous petition (IB-233/ND/2018) was withdrawn after a settlement, where the CD agreed to pay Rs. 17,97,327. However, the CD defaulted again, leading to the current application.
RQS Engineering Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Reliable Insupack Pvt. Ltd. (Corporate Debtor) for default in payment of Rs. 11,97,327/-. The default arose from the supply of goods and raw materials based on purchase orders placed by the Corporate Debtor. Previously, a settlement was reached in a prior insolvency proceeding (IB-233/ND/2018) where the Corporate Debtor agreed to pay Rs. 17,97,327/-, leading to the withdrawal of the initial petition. However, the Corporate Debtor failed to honor the settlement, resulting in dishonored cheques. The date of default is 11.4.2018, and the total amount in default is Rs. 12,40,335/-. A demand notice was issued on 10.7.2018, but no payment
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Reliable Insupack Pvt. Ltd. was…
Rs. 17,97,327/-…
This case involves an application filed by RQS Engineering Pvt. Ltd., the Operational Creditor (OC), against Reliable Insupack Pvt. Ltd., the Corporate Debtor (CD), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The OC claimed that the CD defaulted on payments for goods and raw materials supplied based on purchase orders. A previous petition (IB-233/ND/2018) was withdrawn after a settlement, where the CD agreed to pay Rs. 17,97,327. However, the CD defaulted again, leading to the current application.
RQS Engineering Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Reliable Insupack Pvt. Ltd. (Corporate Debtor) for default in payment of Rs. 11,97,327/-. The default arose from the supply of goods and raw materials based on purchase orders placed by the Corporate Debtor. Previously, a settlement was reached in a prior insolvency proceeding (IB-233/ND/2018) where the Corporate Debtor agreed to pay Rs. 17,97,327/-, leading to the withdrawal of the initial petition. However, the Corporate Debtor failed to honor the settlement, resulting in dishonored cheques. The date of default is 11.4.2018, and the total amount in default is Rs. 12,40,335/-. A demand notice was issued on 10.7.2018, but no payment
…Reliable Insupack Pvt. Ltd. was…
Rs. 17,97,327/-…