M/s. Aster Technologies Private Limited filed C.P.(IB)No.184/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Solas Fire Safety Equipment Private Limited, alleging a default of Rs.4,35,487.50/- along with interest at 18% per annum. The operational creditor, Aster Technologies, claimed to have supplied materials and completed work for the corporate debtor, Solas Fire Safety Equipment, related to the installation of a fire suppression system. Despite invoices raised and accepted, the corporate debtor failed to make full payment, leading to the initiation of CIRP.
M/s. Aster Technologies Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Solas Fire Safety Equipment Private Limited (Corporate Debtor) for a default of Rs.4,35,487.50/-. Aster Technologies supplied materials and completed the installation of a fire suppression system for Solas Fire Safety Equipment. An invoice for Rs.4,76,962.50/- was raised on 09.11.2016, and the Corporate Debtor deducted TDS. Despite repeated requests and a demand notice issued on 04.10.2019, the Corporate Debtor failed to pay the outstanding amount. The Corporate Debtor acknowledged the debt in a letter dated 13.03.2018 but failed to honor its commitment to clear the dues. The Adjudicating Authority noted
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The Corporate Debtor placed its work order for…
An invoice bearing No. ASTER/2016-17/IC113 for…
M/s. Aster Technologies Private Limited filed C.P.(IB)No.184/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Solas Fire Safety Equipment Private Limited, alleging a default of Rs.4,35,487.50/- along with interest at 18% per annum. The operational creditor, Aster Technologies, claimed to have supplied materials and completed work for the corporate debtor, Solas Fire Safety Equipment, related to the installation of a fire suppression system. Despite invoices raised and accepted, the corporate debtor failed to make full payment, leading to the initiation of CIRP.
M/s. Aster Technologies Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Solas Fire Safety Equipment Private Limited (Corporate Debtor) for a default of Rs.4,35,487.50/-. Aster Technologies supplied materials and completed the installation of a fire suppression system for Solas Fire Safety Equipment. An invoice for Rs.4,76,962.50/- was raised on 09.11.2016, and the Corporate Debtor deducted TDS. Despite repeated requests and a demand notice issued on 04.10.2019, the Corporate Debtor failed to pay the outstanding amount. The Corporate Debtor acknowledged the debt in a letter dated 13.03.2018 but failed to honor its commitment to clear the dues. The Adjudicating Authority noted
…The Corporate Debtor placed its work order for…
An invoice bearing No. ASTER/2016-17/IC113 for…