TVS Supply Chain Solutions Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ARN IOT Solutions Private Limited, the Corporate Debtor, due to unpaid operational debt. The Corporate Debtor acknowledged the debt but cited business losses due to Covid-19 and delays in payments from their client, Indoshell Mould Limited, as reasons for not making timely payments. The Operational Creditor contended that the debt was due and payable regardless of the Corporate Debtor's arrangements with third parties.
TVS Supply Chain Solutions Limited (Operational Creditor) filed a petition against ARN IOT Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim was based on a default amount of Rs. 2,04,46,734.32 as of November 21, 2019, arising from a purchase order dated August 23, 2019, for telecom tower material. The Operational Creditor supplied the materials, and the Corporate Debtor issued a work completion certificate dated August 27, 2019. An invoice was raised on August 30, 2019, for Rs. 2,72,91,040. The Corporate Debtor made partial payments totaling Rs. 68,44,305.88 by March 4, 2021. Despite reminders, the Corporate Debtor failed to clear the
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Corporate Debtor issued a Purchase Order to…
Corporate Debtor issued a work completion…
TVS Supply Chain Solutions Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ARN IOT Solutions Private Limited, the Corporate Debtor, due to unpaid operational debt. The Corporate Debtor acknowledged the debt but cited business losses due to Covid-19 and delays in payments from their client, Indoshell Mould Limited, as reasons for not making timely payments. The Operational Creditor contended that the debt was due and payable regardless of the Corporate Debtor's arrangements with third parties.
TVS Supply Chain Solutions Limited (Operational Creditor) filed a petition against ARN IOT Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim was based on a default amount of Rs. 2,04,46,734.32 as of November 21, 2019, arising from a purchase order dated August 23, 2019, for telecom tower material. The Operational Creditor supplied the materials, and the Corporate Debtor issued a work completion certificate dated August 27, 2019. An invoice was raised on August 30, 2019, for Rs. 2,72,91,040. The Corporate Debtor made partial payments totaling Rs. 68,44,305.88 by March 4, 2021. Despite reminders, the Corporate Debtor failed to clear the
…Corporate Debtor issued a Purchase Order to…
Corporate Debtor issued a work completion…