The case involves an application (IA (IB)/158/2020) filed by the Resolution Professional (RP) of M/s. Unique Roof Private Limited under Section 17, 18, 20, 25(2)(b) read with Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking direction from the tribunal to the respondent, Tussor Machine Tools (I) Pvt. Ltd., to pay the outstanding balance for the supplies made by the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 04.10.2019. The respondent argued that the application is barred by limitation, as the last payment was made on 03.02.2016, and the application was filed beyond the three-year limitation period.
M/s. Unique Roof Private Limited (Corporate Debtor) supplied structural materials to Tussor Machine Tools (I) Pvt. Ltd. (Respondent). The Respondent issued Purchase Orders PO-CAP/21/15-16 dated 12.01.2016 and PA/2388/15-16 dated 08.02.2016. The Corporate Debtor raised invoices for a total sum of ₹13,79,440/-, with the last invoice dated 09.02.2016. The Respondent paid ₹12,36,941/-. A balance of ₹1,42,499/- was claimed to be due, with interest at 18% p.a., bringing the total claim to ₹2,43,095/-. The Respondent made an advance payment of Rs.6,30,000/- on 14.11.2015, being 50% of the contract value. The CIRP was initiated on 04.10.2019. The Respondent argued that the application was barred by limitation, as the last payment was made on 03.02.2016, exceeding the
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Respondent issued…
Respondent issued…
The case involves an application (IA (IB)/158/2020) filed by the Resolution Professional (RP) of M/s. Unique Roof Private Limited under Section 17, 18, 20, 25(2)(b) read with Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking direction from the tribunal to the respondent, Tussor Machine Tools (I) Pvt. Ltd., to pay the outstanding balance for the supplies made by the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 04.10.2019. The respondent argued that the application is barred by limitation, as the last payment was made on 03.02.2016, and the application was filed beyond the three-year limitation period.
M/s. Unique Roof Private Limited (Corporate Debtor) supplied structural materials to Tussor Machine Tools (I) Pvt. Ltd. (Respondent). The Respondent issued Purchase Orders PO-CAP/21/15-16 dated 12.01.2016 and PA/2388/15-16 dated 08.02.2016. The Corporate Debtor raised invoices for a total sum of ₹13,79,440/-, with the last invoice dated 09.02.2016. The Respondent paid ₹12,36,941/-. A balance of ₹1,42,499/- was claimed to be due, with interest at 18% p.a., bringing the total claim to ₹2,43,095/-. The Respondent made an advance payment of Rs.6,30,000/- on 14.11.2015, being 50% of the contract value. The CIRP was initiated on 04.10.2019. The Respondent argued that the application was barred by limitation, as the last payment was made on 03.02.2016, exceeding the
…Respondent issued…
Respondent issued…