The case involves an application by M/s Navkar Traders, the Operational Creditor, against M/s TDI INFRASTRCUTRE Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that they supplied building material worth Rs. 2,93,14,869/- to the Corporate Debtor, against which the Corporate Debtor made payments totaling Rs. 2,75,18,328/-. The last payment of Rs. 7,90,764/- was made on 2016-02-25. The Operational Creditor alleged that the Corporate Debtor failed to liquidate the outstanding liability, leading to the issuance of a notice under Section 8 of the IBC, which was not replied to. The Corporate Debtor had issued two cheques in acknowledgement of the liability, but one cheque was dishonored, and the
…M/s Navkar Traders, an operational creditor, supplied building materials to M/s TDI INFRASTRCUTRE Ltd., a corporate debtor engaged in real estate development. The total value of the supplied materials was Rs. 2,93,14,869. The corporate debtor made payments totaling Rs. 2,75,18,328, with the last payment of Rs. 7,90,764 made on 2016-02-25. As per the terms of supply, payments received after 30 days would attract interest at 18% per annum. The corporate debtor issued two cheques dated 2016-10-28 and 2016-11-16 to acknowledge the outstanding liability. The first cheque was dishonored on 2016-10-29. The corporate debtor then requested the operational creditor not to present the second cheque, promising to transfer the amount via RTGS, which never materialized. The
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The Corporate Debtor…
The Corporate Debtor…
The case involves an application by M/s Navkar Traders, the Operational Creditor, against M/s TDI INFRASTRCUTRE Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that they supplied building material worth Rs. 2,93,14,869/- to the Corporate Debtor, against which the Corporate Debtor made payments totaling Rs. 2,75,18,328/-. The last payment of Rs. 7,90,764/- was made on 2016-02-25. The Operational Creditor alleged that the Corporate Debtor failed to liquidate the outstanding liability, leading to the issuance of a notice under Section 8 of the IBC, which was not replied to. The Corporate Debtor had issued two cheques in acknowledgement of the liability, but one cheque was dishonored, and the
…M/s Navkar Traders, an operational creditor, supplied building materials to M/s TDI INFRASTRCUTRE Ltd., a corporate debtor engaged in real estate development. The total value of the supplied materials was Rs. 2,93,14,869. The corporate debtor made payments totaling Rs. 2,75,18,328, with the last payment of Rs. 7,90,764 made on 2016-02-25. As per the terms of supply, payments received after 30 days would attract interest at 18% per annum. The corporate debtor issued two cheques dated 2016-10-28 and 2016-11-16 to acknowledge the outstanding liability. The first cheque was dishonored on 2016-10-29. The corporate debtor then requested the operational creditor not to present the second cheque, promising to transfer the amount via RTGS, which never materialized. The
…The Corporate Debtor…
The Corporate Debtor…