The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Wasmake Industries (Operational Creditor) against M/s Utkal Builders Limited (Corporate Debtor) for default in payment of dues related to the supply of aluminum fossils. The Operational Creditor claims that the Corporate Debtor failed to pay the balance amount for the goods supplied despite having paid 50% of the value as advance. The Corporate Debtor, on the other hand, contends that the materials supplied were not as per the specifications and were damaged due to manufacturing defects.
M/s Wasmake Industries (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Utkal Builders Limited (Corporate Debtor) for default in payment. The Operational Creditor supplied aluminum fossils to the Corporate Debtor against a purchase order dated 08.12.2016, with a total value of Rs. 14,33,550/-. The Corporate Debtor paid 50% of the value (Rs. 7,16,775/-) as advance on 29.12.2016. The Operational Creditor supplied goods under three invoices: dated 06.05.2017 (Rs. 60,099/-), 24.07.2017 (Rs. 8,09,698/-), and 19.09.2017 (Rs. 85,109/-). The Operational Creditor claimed that a balance of Rs. 7,78,131/- was due. The Corporate Debtor issued a 'Handing Over Certificate' dated 31.07.2017, stating that the materials
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Purchase order issued by Corporate Debtor to…
Corporate Debtor paid 50%…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Wasmake Industries (Operational Creditor) against M/s Utkal Builders Limited (Corporate Debtor) for default in payment of dues related to the supply of aluminum fossils. The Operational Creditor claims that the Corporate Debtor failed to pay the balance amount for the goods supplied despite having paid 50% of the value as advance. The Corporate Debtor, on the other hand, contends that the materials supplied were not as per the specifications and were damaged due to manufacturing defects.
M/s Wasmake Industries (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Utkal Builders Limited (Corporate Debtor) for default in payment. The Operational Creditor supplied aluminum fossils to the Corporate Debtor against a purchase order dated 08.12.2016, with a total value of Rs. 14,33,550/-. The Corporate Debtor paid 50% of the value (Rs. 7,16,775/-) as advance on 29.12.2016. The Operational Creditor supplied goods under three invoices: dated 06.05.2017 (Rs. 60,099/-), 24.07.2017 (Rs. 8,09,698/-), and 19.09.2017 (Rs. 85,109/-). The Operational Creditor claimed that a balance of Rs. 7,78,131/- was due. The Corporate Debtor issued a 'Handing Over Certificate' dated 31.07.2017, stating that the materials
…Purchase order issued by Corporate Debtor to…
Corporate Debtor paid 50%…