Enmas India Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sabash Engineering (Chennai) Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total operational debt of Rs.1,13,52,510/-, which included outstanding payments for goods supplied (Rs.64,05,981/-) and an advance paid for engineering products to be manufactured and supplied by the Corporate Debtor (Rs.49,46,529/-). The Corporate Debtor disputed the nature of the advance payment, contending it was a financial debt and could not be clubbed with operational debt to meet the minimum threshold for CIRP under Section 4 of the IBC. The Corporate Debtor also acknowledged
…Enmas India Pvt. Ltd. (Petitioner/Operational Creditor) and Sabash Engineering (Chennai) Pvt. Ltd. (Respondent/Corporate Debtor) have been in a business relationship since 2013.
The Petitioner supplied M.S. Plates, P.M. Plates, and other materials to the Respondent, resulting in an outstanding amount of Rs.64,05,981/-.
The Petitioner also placed purchase orders on the Respondent for the manufacture and supply of engineering products and paid an advance of Rs.49,46,529/-.
The Corporate Debtor neither made payments for the supplies received nor supplied the engineering products for which it had received an advance.
The total operational debt claimed by the Petitioner is Rs.1,13,52,510/-.
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Sabash Engineering…
Business relationship between Enmas India Pvt.…
Enmas India Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sabash Engineering (Chennai) Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total operational debt of Rs.1,13,52,510/-, which included outstanding payments for goods supplied (Rs.64,05,981/-) and an advance paid for engineering products to be manufactured and supplied by the Corporate Debtor (Rs.49,46,529/-). The Corporate Debtor disputed the nature of the advance payment, contending it was a financial debt and could not be clubbed with operational debt to meet the minimum threshold for CIRP under Section 4 of the IBC. The Corporate Debtor also acknowledged
…Enmas India Pvt. Ltd. (Petitioner/Operational Creditor) and Sabash Engineering (Chennai) Pvt. Ltd. (Respondent/Corporate Debtor) have been in a business relationship since 2013.
The Petitioner supplied M.S. Plates, P.M. Plates, and other materials to the Respondent, resulting in an outstanding amount of Rs.64,05,981/-.
The Petitioner also placed purchase orders on the Respondent for the manufacture and supply of engineering products and paid an advance of Rs.49,46,529/-.
The Corporate Debtor neither made payments for the supplies received nor supplied the engineering products for which it had received an advance.
The total operational debt claimed by the Petitioner is Rs.1,13,52,510/-.
…Sabash Engineering…
Business relationship between Enmas India Pvt.…