Global Water Solutions Limited, an operational creditor, filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Vinyl Pipes Private Limited, the corporate debtor, due to an alleged default of $136,713.43 plus 18% interest. The corporate debtor failed to deliver goods for which advance payments were made and did not refund the outstanding amount. The application also impleaded the directors and ex-directors of the corporate debtor, which became a point of contention regarding maintainability.
Global Water Solutions Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vinyl Pipes Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default of $136,713.43, along with 18% interest. The date of default was recorded as April 11, 2022. The operational creditor, a US-incorporated company, and the corporate debtor, an Indian company, had a long-standing business relationship involving the transaction of water treatment products.
…The date of default in…
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Global Water Solutions Limited, an operational creditor, filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Vinyl Pipes Private Limited, the corporate debtor, due to an alleged default of $136,713.43 plus 18% interest. The corporate debtor failed to deliver goods for which advance payments were made and did not refund the outstanding amount. The application also impleaded the directors and ex-directors of the corporate debtor, which became a point of contention regarding maintainability.
Global Water Solutions Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vinyl Pipes Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default of $136,713.43, along with 18% interest. The date of default was recorded as April 11, 2022. The operational creditor, a US-incorporated company, and the corporate debtor, an Indian company, had a long-standing business relationship involving the transaction of water treatment products.
…The date of default in…
Operational Creditor sent an email reminder to…
Sign in to view related legal provisions.