The case involves a Company Petition (IB) No. 66/ALD/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by PCI ASIA PACIFIC PVT. LTD. (Operational Creditor) against M/s Vacmet India Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of UPS. The corporate debtor contested the application, citing defects and deficiencies in the supplied machines and pending installation/commissioning issues.
PCI ASIA PACIFIC PVT. LTD. (Operational Creditor) filed a petition against M/s Vacmet India Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of UPS. Two contracts dated 28.02.2013 were executed between the parties for the supply and installation/commissioning of Piller 2000 KVA Dynamic UPS. The Operational Creditor completed the installation and commissioning of the product, and a commissioning certificate was issued on 11.11.2013. 90% of the order value was paid, with the remaining 10% due after successful commissioning and submission of a Performance Bank Guarantee (PBG). The Operational Creditor submitted a PBG dated 03.12.2013 for
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Two contracts were executed between PCI ASIA…
The installation and…
The case involves a Company Petition (IB) No. 66/ALD/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by PCI ASIA PACIFIC PVT. LTD. (Operational Creditor) against M/s Vacmet India Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of UPS. The corporate debtor contested the application, citing defects and deficiencies in the supplied machines and pending installation/commissioning issues.
PCI ASIA PACIFIC PVT. LTD. (Operational Creditor) filed a petition against M/s Vacmet India Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of UPS. Two contracts dated 28.02.2013 were executed between the parties for the supply and installation/commissioning of Piller 2000 KVA Dynamic UPS. The Operational Creditor completed the installation and commissioning of the product, and a commissioning certificate was issued on 11.11.2013. 90% of the order value was paid, with the remaining 10% due after successful commissioning and submission of a Performance Bank Guarantee (PBG). The Operational Creditor submitted a PBG dated 03.12.2013 for
…Two contracts were executed between PCI ASIA…
The installation and…