The petitioner, an Operational Creditor, initiated a Corporate Insolvency Process against the Respondent Corporate Debtor. The Operational Creditor claimed that at the request of the Corporate Debtor, they supplied 3 Liugong Loader CGL 856 equipments for its project. An agreement was entered into on 2015-11-14 regarding the terms and conditions of supply, with a total consideration of Rs. 39 lakhs to be paid in 15 equated monthly installments of Rs. 2,60,000/- payable from 2016-01-21. The payments were disbursed via cheques. The Operational Creditor delivered the equipment but the cheques issued by the Corporate Debtor were dishonoured upon presentation. Despite repeated demands, the Corporate Debtor failed to make any payments. A case under Section 138/441 of the
…M/s Blueview Properties Pvt. Ltd., the Operational Creditor, filed a petition against M/s Swift Equipments Pvt. Ltd., the Corporate Debtor, for initiating a Corporate Insolvency Process. The basis of the petition was the non-payment for equipment supplied by the Operational Creditor to the Corporate Debtor. An agreement was established on 2015-11-14 for the supply of 3 Liugong Loader CGL 856 equipments, with a total consideration of Rs. 39 lakhs to be paid in 15 monthly installments starting from 2016-01-21. The Corporate Debtor issued cheques for the payments, but these cheques were dishonoured upon presentation. Despite repeated demands, the Corporate Debtor failed to make the payments. The Operational Creditor then issued a notice under Section 8 of the Code, which
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The petitioner, an Operational Creditor, initiated a Corporate Insolvency Process against the Respondent Corporate Debtor. The Operational Creditor claimed that at the request of the Corporate Debtor, they supplied 3 Liugong Loader CGL 856 equipments for its project. An agreement was entered into on 2015-11-14 regarding the terms and conditions of supply, with a total consideration of Rs. 39 lakhs to be paid in 15 equated monthly installments of Rs. 2,60,000/- payable from 2016-01-21. The payments were disbursed via cheques. The Operational Creditor delivered the equipment but the cheques issued by the Corporate Debtor were dishonoured upon presentation. Despite repeated demands, the Corporate Debtor failed to make any payments. A case under Section 138/441 of the
…M/s Blueview Properties Pvt. Ltd., the Operational Creditor, filed a petition against M/s Swift Equipments Pvt. Ltd., the Corporate Debtor, for initiating a Corporate Insolvency Process. The basis of the petition was the non-payment for equipment supplied by the Operational Creditor to the Corporate Debtor. An agreement was established on 2015-11-14 for the supply of 3 Liugong Loader CGL 856 equipments, with a total consideration of Rs. 39 lakhs to be paid in 15 monthly installments starting from 2016-01-21. The Corporate Debtor issued cheques for the payments, but these cheques were dishonoured upon presentation. Despite repeated demands, the Corporate Debtor failed to make the payments. The Operational Creditor then issued a notice under Section 8 of the Code, which
…Agreement entered into between the…
Equated monthly…