Premium Transmission Private Limited filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against U Tech Engineering Works (India) Pvt. Ltd., alleging default in payment of Rs. 53,48,472/- along with interest. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rules 5 and 6 of the Insolvency & Bankruptcy (AAA) Rules, 2016. The petitioner claimed to have supplied goods to the corporate debtor, raising invoices for Rs.3,13,61,524/-, of which Rs.2,60,13,052/- was paid, leaving a balance of Rs. 53,48,472/-. The corporate debtor contended that the petition was premature and no amount was due, citing delays in supply and other issues related to purchase orders and bank guarantees.
Premium Transmission Private Limited (Petitioner) filed a petition against U Tech Engineering Works (India) Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of Rs. 53,48,472/-. The Petitioner is in the business of manufacturing and selling gear boxes, while the Corporate Debtor is involved in the design, manufacture, supply, and erection of mill houses, boiling houses, and sugar refineries. The Petitioner claimed to have supplied goods worth Rs.3,13,61,524/- to the Corporate Debtor, of which Rs.2,60,13,052/- was paid. The Petitioner sent a demand notice on 02.04.2018, which was not replied to. The Corporate Debtor argued that the petition was premature, citing delays in supply, issues with purchase orders, and the invalidity of bank
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Petitioner sent a Demand Notice in Form-3…
Order delivered on…
Premium Transmission Private Limited filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against U Tech Engineering Works (India) Pvt. Ltd., alleging default in payment of Rs. 53,48,472/- along with interest. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rules 5 and 6 of the Insolvency & Bankruptcy (AAA) Rules, 2016. The petitioner claimed to have supplied goods to the corporate debtor, raising invoices for Rs.3,13,61,524/-, of which Rs.2,60,13,052/- was paid, leaving a balance of Rs. 53,48,472/-. The corporate debtor contended that the petition was premature and no amount was due, citing delays in supply and other issues related to purchase orders and bank guarantees.
Premium Transmission Private Limited (Petitioner) filed a petition against U Tech Engineering Works (India) Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of Rs. 53,48,472/-. The Petitioner is in the business of manufacturing and selling gear boxes, while the Corporate Debtor is involved in the design, manufacture, supply, and erection of mill houses, boiling houses, and sugar refineries. The Petitioner claimed to have supplied goods worth Rs.3,13,61,524/- to the Corporate Debtor, of which Rs.2,60,13,052/- was paid. The Petitioner sent a demand notice on 02.04.2018, which was not replied to. The Corporate Debtor argued that the petition was premature, citing delays in supply, issues with purchase orders, and the invalidity of bank
…Petitioner sent a Demand Notice in Form-3…
Order delivered on…