IPRO Sugar Engineering Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Spray Engineering Devices Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid invoices for consulting engineer services. The operational creditor claimed a total debt of ₹53,40,453/-, including a principal amount of ₹23,86,605/- and interest of ₹29,53,830/-. The operational creditor issued invoices from 29.02.2008 to 01.10.2009, with the debt due from the date of the first invoice. A demand notice was issued on 28.09.2018. The corporate debtor argued that the operational creditor had filed a suit for recovery and that the matter should be referred to arbitration
…IPRO Sugar Engineering Private Limited (Operational Creditor) filed a petition against Spray Engineering Devices Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was based on unpaid invoices for consulting engineer services provided between 29.02.2008 and 01.10.2009. The total debt claimed was ₹53,40,453/-, comprising ₹23,86,605/- as principal and ₹29,53,830/- as interest. A demand notice was issued on 28.09.2018. The Corporate Debtor argued that a suit for recovery had been filed by the Operational Creditor, and the matter should be referred to arbitration as per a High Court order dated 19.07.2018. The Corporate Debtor also claimed that the Operational Creditor was a shareholder and that
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IPRO Sugar Engineering Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Spray Engineering Devices Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid invoices for consulting engineer services. The operational creditor claimed a total debt of ₹53,40,453/-, including a principal amount of ₹23,86,605/- and interest of ₹29,53,830/-. The operational creditor issued invoices from 29.02.2008 to 01.10.2009, with the debt due from the date of the first invoice. A demand notice was issued on 28.09.2018. The corporate debtor argued that the operational creditor had filed a suit for recovery and that the matter should be referred to arbitration
…IPRO Sugar Engineering Private Limited (Operational Creditor) filed a petition against Spray Engineering Devices Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was based on unpaid invoices for consulting engineer services provided between 29.02.2008 and 01.10.2009. The total debt claimed was ₹53,40,453/-, comprising ₹23,86,605/- as principal and ₹29,53,830/- as interest. A demand notice was issued on 28.09.2018. The Corporate Debtor argued that a suit for recovery had been filed by the Operational Creditor, and the matter should be referred to arbitration as per a High Court order dated 19.07.2018. The Corporate Debtor also claimed that the Operational Creditor was a shareholder and that
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