The case involves an application filed by Gainwell Commosales Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rockwell Resources Earthmovers Private Limited (Corporate Debtor). The Operational Creditor claimed that a debt of Rs. 1,17,74,231/- was due from the Corporate Debtor. The Corporate Debtor disputed the claim, alleging pre-existing disputes and unauthorized retention of a machine worth Rs. 1,30,82,744/- by the Operational Creditor. The Operational Creditor argued that the Corporate Debtor's claims were unsubstantiated and that no payment had been received after the demand notice.
Gainwell Commosales Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rockwell Resources Earthmovers Private Limited (Corporate Debtor). The Operational Creditor claimed that a sum of Rs. 1,17,74,231/- was due from the Corporate Debtor, inclusive of agreed interest at 18% p.a., for transactions between 28.02.2017 and 28.06.2017. The debt arose from the supply of CAT Oil and related products by the Operational Creditor in response to purchase orders issued by the Corporate Debtor. The Corporate Debtor disputed the claim, alleging that Rs. 29.00 lacs had been paid partly and that a machine worth Rs. 1,30,82,744/- was unauthorizedly
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CAT Excavator 349D2 was…
The case involves an application filed by Gainwell Commosales Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rockwell Resources Earthmovers Private Limited (Corporate Debtor). The Operational Creditor claimed that a debt of Rs. 1,17,74,231/- was due from the Corporate Debtor. The Corporate Debtor disputed the claim, alleging pre-existing disputes and unauthorized retention of a machine worth Rs. 1,30,82,744/- by the Operational Creditor. The Operational Creditor argued that the Corporate Debtor's claims were unsubstantiated and that no payment had been received after the demand notice.
Gainwell Commosales Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rockwell Resources Earthmovers Private Limited (Corporate Debtor). The Operational Creditor claimed that a sum of Rs. 1,17,74,231/- was due from the Corporate Debtor, inclusive of agreed interest at 18% p.a., for transactions between 28.02.2017 and 28.06.2017. The debt arose from the supply of CAT Oil and related products by the Operational Creditor in response to purchase orders issued by the Corporate Debtor. The Corporate Debtor disputed the claim, alleging that Rs. 29.00 lacs had been paid partly and that a machine worth Rs. 1,30,82,744/- was unauthorizedly
…Transactions between…
CAT Excavator 349D2 was…