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 supplied building material to the Corporate Debtor, a company engaged in real estate development. The Corporate Debtor made partial payments, but a significant amount remained outstanding. The Corporate Debtor issued cheques that were dishonored. The Operational Creditor issued a notice under Section 8 of the IBC, which was not replied to, leading to the filing of the petition.
M/s Navkar Traders, as the Operational Creditor, supplied building materials to M/s TDI INFRASTRCUTRE Ltd., the Corporate Debtor, which is engaged in the real estate business. The total value of the supplied materials was Rs. 2,93,14,869/-, against which the Corporate Debtor made payments totaling Rs. 2,75,18,328/-. The last payment of Rs. 7,90,764/- was made on February 25, 2016. As per the terms of supply, payments received after 30 days would attract interest at 18% per annum. To acknowledge the outstanding liability, the Corporate Debtor issued two cheques dated October 28, 2016, and November 16, 2016. The first cheque was dishonored on October 29, 2016. The Corporate Debtor then requested the Operational Creditor not to present the second cheque, assuring payment
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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 supplied building material to the Corporate Debtor, a company engaged in real estate development. The Corporate Debtor made partial payments, but a significant amount remained outstanding. The Corporate Debtor issued cheques that were dishonored. The Operational Creditor issued a notice under Section 8 of the IBC, which was not replied to, leading to the filing of the petition.
M/s Navkar Traders, as the Operational Creditor, supplied building materials to M/s TDI INFRASTRCUTRE Ltd., the Corporate Debtor, which is engaged in the real estate business. The total value of the supplied materials was Rs. 2,93,14,869/-, against which the Corporate Debtor made payments totaling Rs. 2,75,18,328/-. The last payment of Rs. 7,90,764/- was made on February 25, 2016. As per the terms of supply, payments received after 30 days would attract interest at 18% per annum. To acknowledge the outstanding liability, the Corporate Debtor issued two cheques dated October 28, 2016, and November 16, 2016. The first cheque was dishonored on October 29, 2016. The Corporate Debtor then requested the Operational Creditor not to present the second cheque, assuring payment
…The Corporate Debtor…
The Corporate Debtor…