Gemscab Industries Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Svaryu Energy Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt.
Gemscab Industries Limited, the Operational Creditor, supplied valves and allied products to Svaryu Energy Limited, the Corporate Debtor, based on a purchase order dated 25.01.2023.
Invoices totaling Rs. 2,34,12,054/- were raised between 18.03.2023 and 22.03.2023 for the supplied goods.
The Corporate Debtor made a part payment of Rs. 24,58,872/- on 17.06.2023, acknowledging the debt.
After adjusting the part payment, Rs. 2,09,35,780/- remained due and payable by the Corporate Debtor.
A demand notice dated 27.09.2023 was issued under Section 8 of the IBC, but the Corporate Debtor neither replied nor made payment.
The date of default is stated as 22.03.2023.
The Corporate Debtor failed to appear before the Tribunal despite due service of notice, leading to ex parte proceedings.
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The Corporate Debtor approached the Applicant…
Various tax invoices were raised between…
Gemscab Industries Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Svaryu Energy Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt.
Gemscab Industries Limited, the Operational Creditor, supplied valves and allied products to Svaryu Energy Limited, the Corporate Debtor, based on a purchase order dated 25.01.2023.
Invoices totaling Rs. 2,34,12,054/- were raised between 18.03.2023 and 22.03.2023 for the supplied goods.
The Corporate Debtor made a part payment of Rs. 24,58,872/- on 17.06.2023, acknowledging the debt.
After adjusting the part payment, Rs. 2,09,35,780/- remained due and payable by the Corporate Debtor.
A demand notice dated 27.09.2023 was issued under Section 8 of the IBC, but the Corporate Debtor neither replied nor made payment.
The date of default is stated as 22.03.2023.
The Corporate Debtor failed to appear before the Tribunal despite due service of notice, leading to ex parte proceedings.
…The Corporate Debtor approached the Applicant…
Various tax invoices were raised between…