Raj Process Equipments and Systems Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Welcome Distilleries Pvt. Ltd., the corporate debtor, for an outstanding operational debt of ₹10,35,948/-. The debt arose from the supply of 'Components for Spent Wash Evaporator (206)A' for which 10 invoices were raised. The invoices included a clause stating that interest at 24% would be charged on overdue bill payments. The payment terms were structured in stages, including advance payments and payments upon completion of civil works and dispatch of materials.
Raj Process Equipments and Systems Pvt. Ltd. (Operational Creditor) supplied 'Components for Spent Wash Evaporator (206)A' to Welcome Distilleries Pvt. Ltd. (Corporate Debtor). Ten invoices were raised with a clause for 24% interest on overdue payments. The payment terms were staged, including advance payments and payments upon completion of civil works and dispatch of materials. The Corporate Debtor failed to pay an outstanding amount of ₹10,35,948/-, leading the Operational Creditor to issue a demand notice on 2018-07-30. The Corporate Debtor did not reply to the demand notice or make the payment. The Board of Directors of the Petitioner/Creditor resolved in its meeting held on 2018-07-20 to initiate Corporate Insolvency Resolution Process against the impugned
…Sign in to view the parties.
Invoices were raised…
Board of Directors of the…
Raj Process Equipments and Systems Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Welcome Distilleries Pvt. Ltd., the corporate debtor, for an outstanding operational debt of ₹10,35,948/-. The debt arose from the supply of 'Components for Spent Wash Evaporator (206)A' for which 10 invoices were raised. The invoices included a clause stating that interest at 24% would be charged on overdue bill payments. The payment terms were structured in stages, including advance payments and payments upon completion of civil works and dispatch of materials.
Raj Process Equipments and Systems Pvt. Ltd. (Operational Creditor) supplied 'Components for Spent Wash Evaporator (206)A' to Welcome Distilleries Pvt. Ltd. (Corporate Debtor). Ten invoices were raised with a clause for 24% interest on overdue payments. The payment terms were staged, including advance payments and payments upon completion of civil works and dispatch of materials. The Corporate Debtor failed to pay an outstanding amount of ₹10,35,948/-, leading the Operational Creditor to issue a demand notice on 2018-07-30. The Corporate Debtor did not reply to the demand notice or make the payment. The Board of Directors of the Petitioner/Creditor resolved in its meeting held on 2018-07-20 to initiate Corporate Insolvency Resolution Process against the impugned
…Invoices were raised…
Board of Directors of the…