Godrej & Boyce Mfg. Co. Ltd. filed a company petition against Urban Transit Private Limited, alleging a default of Rs. 15,64,352/- as of 30.03.2016, including interest and octroi charges, based on provisions of Section 8 and 9 of the Insolvency & Bankruptcy Code. The default stemmed from a purchase order issued by Urban Transit for the supply of lifeline batteries for the Mumbai Monorail Project. The petitioner supplied the batteries and raised invoices, but the corporate debtor failed to make full payment despite several reminders and a demand notice.
Godrej & Boyce Mfg. Co. Ltd. (Petitioner) filed a petition against Urban Transit Private Limited (Corporate Debtor) under Section 8 & 9 of the IBC, 2016, alleging a default of Rs. 15,64,352/- as of 30.03.2016, including interest @ 15% p.a. and octroi charges. The Corporate Debtor issued a purchase order on 17.11.2015 for Rs. 37,24,654/- for lifeline batteries for the Mumbai Monorail Project. The Petitioner supplied the batteries after procuring them from lifeline batteries INC, California, USA, with the batteries being shipped on 27.01.2016 and received in India on 02.03.2016. As per the purchase order's GTC, the Petitioner required a Letter of Credit (LC), but the Corporate Debtor failed to release it. The Corporate Debtor committed to release pending payments
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Corporate Debtor issued a purchase order for…
Petitioner acce…
Godrej & Boyce Mfg. Co. Ltd. filed a company petition against Urban Transit Private Limited, alleging a default of Rs. 15,64,352/- as of 30.03.2016, including interest and octroi charges, based on provisions of Section 8 and 9 of the Insolvency & Bankruptcy Code. The default stemmed from a purchase order issued by Urban Transit for the supply of lifeline batteries for the Mumbai Monorail Project. The petitioner supplied the batteries and raised invoices, but the corporate debtor failed to make full payment despite several reminders and a demand notice.
Godrej & Boyce Mfg. Co. Ltd. (Petitioner) filed a petition against Urban Transit Private Limited (Corporate Debtor) under Section 8 & 9 of the IBC, 2016, alleging a default of Rs. 15,64,352/- as of 30.03.2016, including interest @ 15% p.a. and octroi charges. The Corporate Debtor issued a purchase order on 17.11.2015 for Rs. 37,24,654/- for lifeline batteries for the Mumbai Monorail Project. The Petitioner supplied the batteries after procuring them from lifeline batteries INC, California, USA, with the batteries being shipped on 27.01.2016 and received in India on 02.03.2016. As per the purchase order's GTC, the Petitioner required a Letter of Credit (LC), but the Corporate Debtor failed to release it. The Corporate Debtor committed to release pending payments
…Corporate Debtor issued a purchase order for…
Petitioner acce…