Tata Chemicals Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Raj Process Equipments and Systems Private Limited, the Corporate Debtor. The claim arose from a purchase order for designing, building, transporting, erecting, and commissioning a Double Effect Evaporator. Tata Chemicals, the Operational Creditor, made an advance payment of ₹4,40,000, representing 10% of the total purchase amount. The Corporate Debtor failed to deliver the evaporator by the agreed-upon date, leading to termination of the purchase order and a demand for the return of the advance payment along with financial losses.
Tata Chemicals Limited (Operational Creditor) contracted with Raj Process Equipments and Systems Private Limited (Corporate Debtor) for the design, construction, and commissioning of a Double Effect Evaporator. The Operational Creditor paid an advance of ₹4,40,000, which was 10% of the total purchase price of ₹44,00,000. The agreed delivery date was September 30, 2016. The Corporate Debtor failed to deliver the evaporator by the deadline, despite repeated reminders. The Operational Creditor terminated the purchase order via legal notice on April 21, 2017, and demanded the return of the advance payment and compensation for financial losses amounting to ₹9,15,00,000. The Operational Creditor also claimed interest at 18% per annum on both the advance payment and the
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Letter of Intent dated…
Purchase Order dated 2.7.2016 was raised on…
Tata Chemicals Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Raj Process Equipments and Systems Private Limited, the Corporate Debtor. The claim arose from a purchase order for designing, building, transporting, erecting, and commissioning a Double Effect Evaporator. Tata Chemicals, the Operational Creditor, made an advance payment of ₹4,40,000, representing 10% of the total purchase amount. The Corporate Debtor failed to deliver the evaporator by the agreed-upon date, leading to termination of the purchase order and a demand for the return of the advance payment along with financial losses.
Tata Chemicals Limited (Operational Creditor) contracted with Raj Process Equipments and Systems Private Limited (Corporate Debtor) for the design, construction, and commissioning of a Double Effect Evaporator. The Operational Creditor paid an advance of ₹4,40,000, which was 10% of the total purchase price of ₹44,00,000. The agreed delivery date was September 30, 2016. The Corporate Debtor failed to deliver the evaporator by the deadline, despite repeated reminders. The Operational Creditor terminated the purchase order via legal notice on April 21, 2017, and demanded the return of the advance payment and compensation for financial losses amounting to ₹9,15,00,000. The Operational Creditor also claimed interest at 18% per annum on both the advance payment and the
…Letter of Intent dated…
Purchase Order dated 2.7.2016 was raised on…