Sandvik Asia Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against The Indure Private Limited, the corporate debtor. The applicant claimed that the corporate debtor defaulted in payment of outstanding operational debt arising from two contracts entered into on 24.05.2012. The applicant alleged that despite fulfilling its obligations under the contracts and raising 73 invoices totaling Rs. 34,72,35,271/-, 16 invoices totaling Rs. 2,25,82,259/- remained unpaid, along with interest of Rs. 97,86,723/-. The respondent, The Indure
…Sandvik Asia Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against The Indure Private Limited (Corporate Debtor). The application was based on alleged unpaid operational debt arising from two contracts dated 24.05.2012. Sandvik claimed it fulfilled its obligations, raising 73 invoices totaling Rs. 34,72,35,271/-, but 16 invoices totaling Rs. 2,25,82,259/- remained unpaid, plus interest of Rs. 97,86,723/-. Indure contested the application, asserting the claims were disputed due to breaches and delays by Sandvik, causing losses to Indure. Indure also alleged Sandvik failed to complete work within the stipulated schedule and fulfill contractual obligations. Indure claimed a right
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Sandvik Asia Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against The Indure Private Limited, the corporate debtor. The applicant claimed that the corporate debtor defaulted in payment of outstanding operational debt arising from two contracts entered into on 24.05.2012. The applicant alleged that despite fulfilling its obligations under the contracts and raising 73 invoices totaling Rs. 34,72,35,271/-, 16 invoices totaling Rs. 2,25,82,259/- remained unpaid, along with interest of Rs. 97,86,723/-. The respondent, The Indure
…Sandvik Asia Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against The Indure Private Limited (Corporate Debtor). The application was based on alleged unpaid operational debt arising from two contracts dated 24.05.2012. Sandvik claimed it fulfilled its obligations, raising 73 invoices totaling Rs. 34,72,35,271/-, but 16 invoices totaling Rs. 2,25,82,259/- remained unpaid, plus interest of Rs. 97,86,723/-. Indure contested the application, asserting the claims were disputed due to breaches and delays by Sandvik, causing losses to Indure. Indure also alleged Sandvik failed to complete work within the stipulated schedule and fulfill contractual obligations. Indure claimed a right
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