The case involves a petition filed by M/s Ercon Composites, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against R&M International Private Limited, the Corporate Debtor, due to unpaid dues for supplied carbon fibre laminates. The Operational Creditor claimed that the Corporate Debtor failed to make payment of ₹69,76,937/-. The Corporate Debtor argued that the goods supplied were defective and that no demand notice was served.
M/s Ercon Composites, the Operational Creditor, supplied carbon fibre laminates to R&M International Private Limited, the Corporate Debtor, based on orders placed by the latter. A settlement was reached on 08.07.2014, where the Corporate Debtor agreed to pay ₹79,76,937/- in five installments. The Corporate Debtor paid the first installment of ₹10,00,000/-, leaving an outstanding amount of ₹69,76,937/-. A cheque issued by the Corporate Debtor for the outstanding amount, dated 02.03.2015, bounced. The Operational Creditor issued a statutory notice on 23.07.2015, which was received by the Corporate Debtor on 27.07.2015. The Operational Creditor filed a winding-up petition before the Bombay High Court on 14.10.2015, which was later transferred to NCLT. The Corporate
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Corporate Debtor agreed…
Corporate Debtor issued…
The case involves a petition filed by M/s Ercon Composites, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against R&M International Private Limited, the Corporate Debtor, due to unpaid dues for supplied carbon fibre laminates. The Operational Creditor claimed that the Corporate Debtor failed to make payment of ₹69,76,937/-. The Corporate Debtor argued that the goods supplied were defective and that no demand notice was served.
M/s Ercon Composites, the Operational Creditor, supplied carbon fibre laminates to R&M International Private Limited, the Corporate Debtor, based on orders placed by the latter. A settlement was reached on 08.07.2014, where the Corporate Debtor agreed to pay ₹79,76,937/- in five installments. The Corporate Debtor paid the first installment of ₹10,00,000/-, leaving an outstanding amount of ₹69,76,937/-. A cheque issued by the Corporate Debtor for the outstanding amount, dated 02.03.2015, bounced. The Operational Creditor issued a statutory notice on 23.07.2015, which was received by the Corporate Debtor on 27.07.2015. The Operational Creditor filed a winding-up petition before the Bombay High Court on 14.10.2015, which was later transferred to NCLT. The Corporate
…Corporate Debtor agreed…
Corporate Debtor issued…