The case involves M/S Adonis Electronics Pvt. Ltd., the operational creditor, filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Saka Ltd., the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for the supply of air conditioners. The corporate debtor acknowledged the outstanding debt but cited financial distress and inability to commit to a payment schedule.
M/S Adonis Electronics Pvt. Ltd. (Operational Creditor) supplied split AC and Window AC to M/S Saka Ltd. (Corporate Debtor) between April 6, 2018, and June 30, 2018, based on purchase orders. Sales invoices were raised between April 10, 2018, and September 25, 2018, totaling Rs. 13,30,662/-. The Corporate Debtor failed to make payments. The Operational Creditor sent reminders on July 12, 2019, and September 3, 2019. The Corporate Debtor acknowledged the invoice on September 18, 2019, and confirmed the outstanding balance on April 1, 2019. A demand notice was sent on October 9, 2019. The Corporate Debtor admitted the debt in its reply dated January 23, 2020, but cited financial distress. The relevance of these facts lies in establishing the existence of an operational
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Corporate Debtor placed purchase orders with…
Corporate Debtor placed purchase orders with…
The case involves M/S Adonis Electronics Pvt. Ltd., the operational creditor, filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Saka Ltd., the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for the supply of air conditioners. The corporate debtor acknowledged the outstanding debt but cited financial distress and inability to commit to a payment schedule.
M/S Adonis Electronics Pvt. Ltd. (Operational Creditor) supplied split AC and Window AC to M/S Saka Ltd. (Corporate Debtor) between April 6, 2018, and June 30, 2018, based on purchase orders. Sales invoices were raised between April 10, 2018, and September 25, 2018, totaling Rs. 13,30,662/-. The Corporate Debtor failed to make payments. The Operational Creditor sent reminders on July 12, 2019, and September 3, 2019. The Corporate Debtor acknowledged the invoice on September 18, 2019, and confirmed the outstanding balance on April 1, 2019. A demand notice was sent on October 9, 2019. The Corporate Debtor admitted the debt in its reply dated January 23, 2020, but cited financial distress. The relevance of these facts lies in establishing the existence of an operational
…Corporate Debtor placed purchase orders with…
Corporate Debtor placed purchase orders with…