The case involves a petition filed by Thyssenkrupp Automation Engineering GmbH (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Avasarala Technologies Limited (Corporate Debtor) due to a default on payments. The Corporate Debtor allegedly failed to pay an outstanding amount of EUR 385498.35 (Rs. 3,41,16,603). The Operational Creditor, a company incorporated under the laws of Germany, had a business relationship with the Corporate Debtor, supplying engineering services and hardware items. Despite regular delivery of goods and issuance of invoices, payments were not made. A previous petition (CP (IB) No. 61/BB/2017) was disposed of with liberty to file a fresh
…Thyssenkrupp Automation Engineering GmbH (Operational Creditor), a German company, supplied engineering services and hardware items to Avasarala Technologies Limited (Corporate Debtor), an Indian company specializing in high technology engineering. The Corporate Debtor defaulted on payments amounting to EUR 385498.35 (Rs. 3,41,16,603.98). Despite regular delivery of goods and issuance of invoices, payments were not forthcoming. The Operational Creditor issued a demand notice dated 27.02.2017 under Section 8 of the IBC. A previous petition, CP (IB) No. 61/BB/2017, was filed and later disposed of with liberty to file a fresh petition. The Corporate Debtor admitted the debt and proposed a settlement, including a 20% rebate and extended payment timeline, but failed to
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Respondent approached…
Petitioner issued…
The case involves a petition filed by Thyssenkrupp Automation Engineering GmbH (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Avasarala Technologies Limited (Corporate Debtor) due to a default on payments. The Corporate Debtor allegedly failed to pay an outstanding amount of EUR 385498.35 (Rs. 3,41,16,603). The Operational Creditor, a company incorporated under the laws of Germany, had a business relationship with the Corporate Debtor, supplying engineering services and hardware items. Despite regular delivery of goods and issuance of invoices, payments were not made. A previous petition (CP (IB) No. 61/BB/2017) was disposed of with liberty to file a fresh
…Thyssenkrupp Automation Engineering GmbH (Operational Creditor), a German company, supplied engineering services and hardware items to Avasarala Technologies Limited (Corporate Debtor), an Indian company specializing in high technology engineering. The Corporate Debtor defaulted on payments amounting to EUR 385498.35 (Rs. 3,41,16,603.98). Despite regular delivery of goods and issuance of invoices, payments were not forthcoming. The Operational Creditor issued a demand notice dated 27.02.2017 under Section 8 of the IBC. A previous petition, CP (IB) No. 61/BB/2017, was filed and later disposed of with liberty to file a fresh petition. The Corporate Debtor admitted the debt and proposed a settlement, including a 20% rebate and extended payment timeline, but failed to
…Respondent approached…
Petitioner issued…