The case involves an application filed by Gupta Power Infrastructure Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against API Engineers and Equipment Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 59,72,619.42, including principal and interest calculated as per the Micro, Small & Medium Enterprises Development Act, 2006. The Corporate Debtor raised the issue of limitation, arguing that the claim arose from invoices raised in March 2014, while the petition was filed in March 2018. An earlier petition (CP (IB) 203/2018) for the same debt was dismissed on 14.01.2019 due to limitation. The Operational Creditor argued that a
…Gupta Power Infrastructure Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against API Engineers and Equipment Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 59,72,619.42, which included Rs. 14,05,924.37 as debt due and Rs. 45,66,695.05 as interest calculated as per Section 16 of the Micro, Small & Medium Enterprises Development Act, 2006. The Corporate Debtor issued a purchase order on 14.02.2014 for the supply of ACSR Panther Conductor, with a condition of 100% payment against PDC of 30 days from the date of offer for inspection. The Operational Creditor dispatched the materials on 16.03.2014. The Corporate
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Corporate Debtor issued a purchase order to…
Operational Creditor…
The case involves an application filed by Gupta Power Infrastructure Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against API Engineers and Equipment Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 59,72,619.42, including principal and interest calculated as per the Micro, Small & Medium Enterprises Development Act, 2006. The Corporate Debtor raised the issue of limitation, arguing that the claim arose from invoices raised in March 2014, while the petition was filed in March 2018. An earlier petition (CP (IB) 203/2018) for the same debt was dismissed on 14.01.2019 due to limitation. The Operational Creditor argued that a
…Gupta Power Infrastructure Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against API Engineers and Equipment Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 59,72,619.42, which included Rs. 14,05,924.37 as debt due and Rs. 45,66,695.05 as interest calculated as per Section 16 of the Micro, Small & Medium Enterprises Development Act, 2006. The Corporate Debtor issued a purchase order on 14.02.2014 for the supply of ACSR Panther Conductor, with a condition of 100% payment against PDC of 30 days from the date of offer for inspection. The Operational Creditor dispatched the materials on 16.03.2014. The Corporate
…Corporate Debtor issued a purchase order to…
Operational Creditor…