The case involves an application filed by M/s. ExxonMobil Lubricants Private Limited ('Petitioner/Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Wilworth Earth Movers Private Limited ('Respondent/Corporate Debtor'). The petitioner claims that the corporate debtor defaulted on payments amounting to Rs. 39,48,734.33 in respect of 10 invoices. The case was initially filed as a Company Petition before the Hon'ble High Court of Karnataka and was later transferred to the Adjudicating Authority (NCLT).
M/s. ExxonMobil Lubricants Private Limited (Operational Creditor) filed a petition against M/s. Wilworth Earth Movers Private Limited (Corporate Debtor) for defaulting on a total amount of Rs. 39,48,734.33 related to 10 unpaid invoices. The Corporate Debtor required engine oils and lubricants for its equipment and placed orders with the Operational Creditor. The Operational Creditor supplied the products and issued invoices. Although the Corporate Debtor took delivery of the goods, it did not pay the invoice amounts. The Operational Creditor reminded the Corporate Debtor of the outstanding amount, which was almost Rs. 41 Lakhs, and requested a meeting. The Corporate Debtor acknowledged its liability to pay the dues and committed to clear them on a monthly basis by
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Reference to Section 434 of the Companies Act,…
Respondent acknowledged its liability to pay the…
The case involves an application filed by M/s. ExxonMobil Lubricants Private Limited ('Petitioner/Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Wilworth Earth Movers Private Limited ('Respondent/Corporate Debtor'). The petitioner claims that the corporate debtor defaulted on payments amounting to Rs. 39,48,734.33 in respect of 10 invoices. The case was initially filed as a Company Petition before the Hon'ble High Court of Karnataka and was later transferred to the Adjudicating Authority (NCLT).
M/s. ExxonMobil Lubricants Private Limited (Operational Creditor) filed a petition against M/s. Wilworth Earth Movers Private Limited (Corporate Debtor) for defaulting on a total amount of Rs. 39,48,734.33 related to 10 unpaid invoices. The Corporate Debtor required engine oils and lubricants for its equipment and placed orders with the Operational Creditor. The Operational Creditor supplied the products and issued invoices. Although the Corporate Debtor took delivery of the goods, it did not pay the invoice amounts. The Operational Creditor reminded the Corporate Debtor of the outstanding amount, which was almost Rs. 41 Lakhs, and requested a meeting. The Corporate Debtor acknowledged its liability to pay the dues and committed to clear them on a monthly basis by
…Reference to Section 434 of the Companies Act,…
Respondent acknowledged its liability to pay the…