Logwell Logistics & Aviation Services (OPC) Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Velankani Electronics Private Limited, alleging a default on payment of Rs. 16,78,006.53. The petitioner claimed to have provided logistics services to the respondent, with invoices raised between March and June 2019. The petitioner also claimed that the respondent was liable to pay interest at 24% per annum for delayed payments. The respondent, however, contended that there was no agreement on the interest rate and that delays in payment were due to delayed delivery of supplies.
Logwell Logistics & Aviation Services (OPC) Private Limited (the Petitioner) provided logistics services to Velankani Electronics Private Limited (the Respondent) for a shipment from Bangalore to Srinagar. Invoices were raised between 2019-03-25 and 2019-06-12, totaling Rs. 15,50,563. The Petitioner claimed that payment terms required realization within 7 days of the invoice date, communicated via email on 2019-03-23. The Petitioner also claimed the Respondent was liable for 24% annual interest due to payment delays. The Respondent acknowledged invoice amounts in an email dated 2019-04-10 and admitted to payment delays in an email dated 2019-05-15, assuring payment. After multiple email payment demands, the Petitioner issued a demand notice on 2019-08-05 under
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Logwell Logistics & Aviation Services (OPC) Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Velankani Electronics Private Limited, alleging a default on payment of Rs. 16,78,006.53. The petitioner claimed to have provided logistics services to the respondent, with invoices raised between March and June 2019. The petitioner also claimed that the respondent was liable to pay interest at 24% per annum for delayed payments. The respondent, however, contended that there was no agreement on the interest rate and that delays in payment were due to delayed delivery of supplies.
Logwell Logistics & Aviation Services (OPC) Private Limited (the Petitioner) provided logistics services to Velankani Electronics Private Limited (the Respondent) for a shipment from Bangalore to Srinagar. Invoices were raised between 2019-03-25 and 2019-06-12, totaling Rs. 15,50,563. The Petitioner claimed that payment terms required realization within 7 days of the invoice date, communicated via email on 2019-03-23. The Petitioner also claimed the Respondent was liable for 24% annual interest due to payment delays. The Respondent acknowledged invoice amounts in an email dated 2019-04-10 and admitted to payment delays in an email dated 2019-05-15, assuring payment. After multiple email payment demands, the Petitioner issued a demand notice on 2019-08-05 under
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