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. 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, including interest and VAT.
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, 990 poles were found in good order. 973 PSC poles were accepted by the Corporate Debtor after some damage during transit. The Operational Creditor raised invoices amounting to Rs. 22,86,550. The Corporate Debtor made a part payment of Rs. 5,00,000 on 31.03.2017. Cheques for further part payment were dishonored. A debit note was raised for VAT. The Operational Creditor issued a legal notice on 21.04.2018 and a statutory demand notice on 23.09.2019. The Corporate Debtor claimed the poles were defective and that
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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. 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, including interest and VAT.
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, 990 poles were found in good order. 973 PSC poles were accepted by the Corporate Debtor after some damage during transit. The Operational Creditor raised invoices amounting to Rs. 22,86,550. The Corporate Debtor made a part payment of Rs. 5,00,000 on 31.03.2017. Cheques for further part payment were dishonored. A debit note was raised for VAT. The Operational Creditor issued a legal notice on 21.04.2018 and a statutory demand notice on 23.09.2019. The Corporate Debtor claimed the poles were defective and that
…Venus Controls &…
Corporate Debtor placed a Letter of Intent…