The case involves a petition filed before the High Court of Madras on 2016-12-10, which was later transferred to the National Company Law Tribunal (NCLT) and renumbered as TCP/413/(IB)/CB/2017. The petition was filed under Sections 433 (e) & (f), 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956 for winding up the Respondent Company. The Operational Creditor claimed an outstanding debt of Rs.3,57,62,497/- along with 21% interest as on 2015-09-30. The debt arose from the Corporate Debtor's purchase order dated 2010-02-16 for electronic items, specifically a Transformer 6.6 KV and Rectifier 150 VDC, 3500 ADC, for Rs.1,75,00,000/-. The Operational Creditor supplied the material and raised an invoice for Rs.1,96,88,550, but no payment was made.
The Kerala State Electronics Development Corporation Ltd (Operational Creditor) filed a petition against Titanium Tantalum Products Ltd (Corporate Debtor) for outstanding debt. The debt originated from a purchase order placed by the Corporate Debtor on 2010-02-16 for electronic items, specifically a Transformer and Rectifier, amounting to Rs.1,75,00,000/-. The Operational Creditor supplied the materials and raised an invoice for Rs.1,96,88,550/-, but no payment was made. The Operational Creditor issued a demand notice on 2012-03-09, to which the Corporate Debtor replied on 2012-03-24, agreeing to pay the amount. A notice under Sections 433 and 434 of the Companies Act 1956 was given on 2015-09-30, with a reply from the Corporate Debtor on 2015-11-15. The Operational
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Corporate Debtor placed…
Operational Creditor…
The case involves a petition filed before the High Court of Madras on 2016-12-10, which was later transferred to the National Company Law Tribunal (NCLT) and renumbered as TCP/413/(IB)/CB/2017. The petition was filed under Sections 433 (e) & (f), 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956 for winding up the Respondent Company. The Operational Creditor claimed an outstanding debt of Rs.3,57,62,497/- along with 21% interest as on 2015-09-30. The debt arose from the Corporate Debtor's purchase order dated 2010-02-16 for electronic items, specifically a Transformer 6.6 KV and Rectifier 150 VDC, 3500 ADC, for Rs.1,75,00,000/-. The Operational Creditor supplied the material and raised an invoice for Rs.1,96,88,550, but no payment was made.
The Kerala State Electronics Development Corporation Ltd (Operational Creditor) filed a petition against Titanium Tantalum Products Ltd (Corporate Debtor) for outstanding debt. The debt originated from a purchase order placed by the Corporate Debtor on 2010-02-16 for electronic items, specifically a Transformer and Rectifier, amounting to Rs.1,75,00,000/-. The Operational Creditor supplied the materials and raised an invoice for Rs.1,96,88,550/-, but no payment was made. The Operational Creditor issued a demand notice on 2012-03-09, to which the Corporate Debtor replied on 2012-03-24, agreeing to pay the amount. A notice under Sections 433 and 434 of the Companies Act 1956 was given on 2015-09-30, with a reply from the Corporate Debtor on 2015-11-15. The Operational
…Corporate Debtor placed…
Operational Creditor…