Qlar Technology India Private Limited (Operational Creditor), formerly Schenck Process Solutions India Private Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kupps & Sachs India Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The application was for an unpaid operational debt of Rs. 1,09,91,045/-, which included interest, arising from the supply of a TMT Fulfiller Bulk Loader Machine. The Corporate Debtor disputed the maintainability of the application, arguing that the principal outstanding amount was below the minimum threshold of Rs. 1 Crore and alleging delays and inefficiencies on the part of the Operational Creditor.
An application was filed under Section 9 of the IBC by Qlar Technology India Private Limited (Operational Creditor/Applicant) against Kupps & Sachs India Private Limited (Corporate Debtor) to initiate CIRP.
The Operational Creditor was formerly known as Schenck Process Solutions India Private Limited and changed its name on 06.11.2024.
The Corporate Debtor was incorporated on 15.11.2006 with a nominal share capital of Rs. 1,95,00,000/-.
The total outstanding debt claimed is Rs. 1,09,91,045/-, which includes Rs. 13,79,345/- as 18% p.a. interest.
The date of default occurred on 14.04.2023.
The Operational Creditor was engaged to supply a TMT Fulfiller Bulk Loader Machine for the Dangote Project, pursuant to a Purchase Order dated 12.10.2019.
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Corporate Debtor placed a Purchase Order for…
Corporate Debtor made…
Qlar Technology India Private Limited (Operational Creditor), formerly Schenck Process Solutions India Private Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kupps & Sachs India Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The application was for an unpaid operational debt of Rs. 1,09,91,045/-, which included interest, arising from the supply of a TMT Fulfiller Bulk Loader Machine. The Corporate Debtor disputed the maintainability of the application, arguing that the principal outstanding amount was below the minimum threshold of Rs. 1 Crore and alleging delays and inefficiencies on the part of the Operational Creditor.
An application was filed under Section 9 of the IBC by Qlar Technology India Private Limited (Operational Creditor/Applicant) against Kupps & Sachs India Private Limited (Corporate Debtor) to initiate CIRP.
The Operational Creditor was formerly known as Schenck Process Solutions India Private Limited and changed its name on 06.11.2024.
The Corporate Debtor was incorporated on 15.11.2006 with a nominal share capital of Rs. 1,95,00,000/-.
The total outstanding debt claimed is Rs. 1,09,91,045/-, which includes Rs. 13,79,345/- as 18% p.a. interest.
The date of default occurred on 14.04.2023.
The Operational Creditor was engaged to supply a TMT Fulfiller Bulk Loader Machine for the Dangote Project, pursuant to a Purchase Order dated 12.10.2019.
…Corporate Debtor placed a Purchase Order for…
Corporate Debtor made…