The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Utkal Engineering Enterprises (Operational Creditor) against Venus Controls & Switchgear Private Limited (Corporate Debtor) for failing to pay a sum of Rs. 29,23,354.00. The Operational Creditor supplied PSC poles to the Corporate Debtor based on a Letter of Intent. Disputes arose regarding the quality of the poles and the payment of outstanding dues.
Utkal Engineering Enterprises (Operational Creditor) supplied PSC poles to Venus Controls & Switchgear Private Limited (Corporate Debtor) based on a Letter of Intent dated 26.12.2016. The Operational Creditor manufactured 1000 PSC poles, and after inspection by the Corporate Debtor and NTPC Limited, 990 poles were found to be in good order. 17 poles were damaged in transit, and the remaining 973 poles were accepted. The Operational Creditor raised invoices for Rs. 22,86,550. The Corporate Debtor made a part payment of Rs. 5,00,000 on 31.03.2017. Subsequent cheques issued by the Corporate Debtor were dishonored. The Operational Creditor raised a debit note for VAT amounting to Rs. 2,75,122. The Corporate Debtor sent a letter on 04.07.2017 proposing a settlement,
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Venus Controls &…
Corporate Debtor placed a Letter of Intent…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Utkal Engineering Enterprises (Operational Creditor) against Venus Controls & Switchgear Private Limited (Corporate Debtor) for failing to pay a sum of Rs. 29,23,354.00. The Operational Creditor supplied PSC poles to the Corporate Debtor based on a Letter of Intent. Disputes arose regarding the quality of the poles and the payment of outstanding dues.
Utkal Engineering Enterprises (Operational Creditor) supplied PSC poles to Venus Controls & Switchgear Private Limited (Corporate Debtor) based on a Letter of Intent dated 26.12.2016. The Operational Creditor manufactured 1000 PSC poles, and after inspection by the Corporate Debtor and NTPC Limited, 990 poles were found to be in good order. 17 poles were damaged in transit, and the remaining 973 poles were accepted. The Operational Creditor raised invoices for Rs. 22,86,550. The Corporate Debtor made a part payment of Rs. 5,00,000 on 31.03.2017. Subsequent cheques issued by the Corporate Debtor were dishonored. The Operational Creditor raised a debit note for VAT amounting to Rs. 2,75,122. The Corporate Debtor sent a letter on 04.07.2017 proposing a settlement,
…Venus Controls &…
Corporate Debtor placed a Letter of Intent…