Shree G. Engineering Corporation, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against Thexa Pharma Private Limited. Shree G. Engineering Corporation supplied engineering parts to Thexa Pharma for eight years and maintained a running ledger account. Thexa Pharma allegedly defaulted on payments. The operational creditor issued a demand notice, which was acknowledged by the corporate debtor, but no payment was made. The corporate debtor disputed the claim, alleging defective material, which was raised for the first time in the counter.
Shree G. Engineering Corporation (Operational Creditor) supplied engineering parts to Thexa Pharma Private Limited (Corporate Debtor) for eight years. During the Financial Year 2016-17, the Operational Creditor supplied goods worth Rs. 1,24,98,116, including a carry forward amount of Rs. 47,49,665 from the Financial Year 2015-16. The Corporate Debtor paid Rs. 66,05,298, leaving a balance of Rs. 58,92,818. In the Financial Year 2017-18, the Operational Creditor supplied material worth Rs. 68,01,285, including the carry forward amount of Rs. 58,92,818. The Corporate Debtor defaulted on the outstanding amount of Rs. 68,01,285. The Operational Creditor issued a demand notice on 03.07.2017, demanding payment of Rs. 68,01,285, which was acknowledged by the Managing Director
…Sign in to view the parties.
Operational Creditor issued a demand notice in…
Operational Creditor wrote a letter requesting…
Shree G. Engineering Corporation, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against Thexa Pharma Private Limited. Shree G. Engineering Corporation supplied engineering parts to Thexa Pharma for eight years and maintained a running ledger account. Thexa Pharma allegedly defaulted on payments. The operational creditor issued a demand notice, which was acknowledged by the corporate debtor, but no payment was made. The corporate debtor disputed the claim, alleging defective material, which was raised for the first time in the counter.
Shree G. Engineering Corporation (Operational Creditor) supplied engineering parts to Thexa Pharma Private Limited (Corporate Debtor) for eight years. During the Financial Year 2016-17, the Operational Creditor supplied goods worth Rs. 1,24,98,116, including a carry forward amount of Rs. 47,49,665 from the Financial Year 2015-16. The Corporate Debtor paid Rs. 66,05,298, leaving a balance of Rs. 58,92,818. In the Financial Year 2017-18, the Operational Creditor supplied material worth Rs. 68,01,285, including the carry forward amount of Rs. 58,92,818. The Corporate Debtor defaulted on the outstanding amount of Rs. 68,01,285. The Operational Creditor issued a demand notice on 03.07.2017, demanding payment of Rs. 68,01,285, which was acknowledged by the Managing Director
…Operational Creditor issued a demand notice in…
Operational Creditor wrote a letter requesting…