The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Industrial Forging Industries Pvt. Ltd. (Operational Creditor) against A2Z Infra Engineering Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default in payment for materials supplied to the corporate debtor. A settlement agreement was entered into between the parties on 03.07.2018 to settle outstanding dues of Rs.2,76,29,940/- for a reduced amount of Rs.80,12,700/-, with a payment schedule. The corporate debtor made partial payments totaling Rs.51,12,700/-, but defaulted on the remaining installments. The operational creditor then filed the Section 9 application, claiming a default of
…Industrial Forging Industries Pvt. Ltd. (Operational Creditor) supplied materials to A2Z Infra Engineering Ltd. (Corporate Debtor). The last invoice was dated 25.05.2017. The Corporate Debtor made payments from time to time, adjusting against total dues. On 03.07.2018, a settlement agreement was entered into, acknowledging outstanding dues of Rs.2,76,29,940/- which was settled for Rs.80,12,700/- payable in installments. The Corporate Debtor paid Rs.1,12,700/- as token money and subsequently paid Rs.51,12,700/- in total. The Operational Creditor claimed that the Corporate Debtor failed to adhere to the settlement terms and did not pay the agreed sum of Rs.80,12,700/- by 03.10.2019. The Operational Creditor issued a demand notice on 03.01.2020 claiming a default of
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The last invoice raised…
A settlement agreement was entered into…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Industrial Forging Industries Pvt. Ltd. (Operational Creditor) against A2Z Infra Engineering Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default in payment for materials supplied to the corporate debtor. A settlement agreement was entered into between the parties on 03.07.2018 to settle outstanding dues of Rs.2,76,29,940/- for a reduced amount of Rs.80,12,700/-, with a payment schedule. The corporate debtor made partial payments totaling Rs.51,12,700/-, but defaulted on the remaining installments. The operational creditor then filed the Section 9 application, claiming a default of
…Industrial Forging Industries Pvt. Ltd. (Operational Creditor) supplied materials to A2Z Infra Engineering Ltd. (Corporate Debtor). The last invoice was dated 25.05.2017. The Corporate Debtor made payments from time to time, adjusting against total dues. On 03.07.2018, a settlement agreement was entered into, acknowledging outstanding dues of Rs.2,76,29,940/- which was settled for Rs.80,12,700/- payable in installments. The Corporate Debtor paid Rs.1,12,700/- as token money and subsequently paid Rs.51,12,700/- in total. The Operational Creditor claimed that the Corporate Debtor failed to adhere to the settlement terms and did not pay the agreed sum of Rs.80,12,700/- by 03.10.2019. The Operational Creditor issued a demand notice on 03.01.2020 claiming a default of
…The last invoice raised…
A settlement agreement was entered into…