The case involves an application filed by Nexo Industries Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Tata Projects Ltd (Corporate Debtor) for failing to discharge a debt of Rs. 44,20,909. The Operational Creditor claimed that the Corporate Debtor failed to pay invoice amounts for materials supplied, leading to the issuance of a demand notice. The Corporate Debtor contested the application, raising issues of limitation, illegible invoices, suppression of facts, and excise duty exemptions.
Nexo Industries Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tata Projects Ltd (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 44,20,909/- due to unpaid invoices for materials supplied. The invoices were required to be paid within 15 days, with an 18% per annum interest clause for late payments. A demand notice was issued on 01.07.2019, but there was no response from the Corporate Debtor. The application was based on invoices, purchase orders, delivery challans, and statements of accounts. The Corporate Debtor contested the application, arguing that the invoices were illegible, material facts were suppressed,
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Purchase Orders were…
Purchase Orders were…
The case involves an application filed by Nexo Industries Pvt Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Tata Projects Ltd (Corporate Debtor) for failing to discharge a debt of Rs. 44,20,909. The Operational Creditor claimed that the Corporate Debtor failed to pay invoice amounts for materials supplied, leading to the issuance of a demand notice. The Corporate Debtor contested the application, raising issues of limitation, illegible invoices, suppression of facts, and excise duty exemptions.
Nexo Industries Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tata Projects Ltd (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 44,20,909/- due to unpaid invoices for materials supplied. The invoices were required to be paid within 15 days, with an 18% per annum interest clause for late payments. A demand notice was issued on 01.07.2019, but there was no response from the Corporate Debtor. The application was based on invoices, purchase orders, delivery challans, and statements of accounts. The Corporate Debtor contested the application, arguing that the invoices were illegible, material facts were suppressed,
…Purchase Orders were…
Purchase Orders were…