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 defaulted on a total outstanding amount of EUR 385498.35 (Rs. 3,41,16,603). The Operational Creditor is a company incorporated under the laws of Germany, while the Corporate Debtor is an Indian company established in 1985. The business relationship between the parties began in 2011-12 when the Corporate Debtor approached the Operational Creditor for engineering services and hardware items. The Corporate Debtor failed to make
…Thyssenkrupp Automation Engineering GmbH (Operational Creditor), a company incorporated under the laws of Germany, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Avasarala Technologies Limited (Corporate Debtor), an Indian company established in 1985. The business relationship between the parties began in 2011-12 when the Corporate Debtor approached the Operational Creditor for engineering services and hardware items. The Corporate Debtor defaulted on payments totaling EUR 385498.35 (Rs. 3,41,16,603). The Operational Creditor sent statements of pending invoices, which were confirmed by the Corporate Debtor, but payments were not made. A demand notice was issued on
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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 defaulted on a total outstanding amount of EUR 385498.35 (Rs. 3,41,16,603). The Operational Creditor is a company incorporated under the laws of Germany, while the Corporate Debtor is an Indian company established in 1985. The business relationship between the parties began in 2011-12 when the Corporate Debtor approached the Operational Creditor for engineering services and hardware items. The Corporate Debtor failed to make
…Thyssenkrupp Automation Engineering GmbH (Operational Creditor), a company incorporated under the laws of Germany, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Avasarala Technologies Limited (Corporate Debtor), an Indian company established in 1985. The business relationship between the parties began in 2011-12 when the Corporate Debtor approached the Operational Creditor for engineering services and hardware items. The Corporate Debtor defaulted on payments totaling EUR 385498.35 (Rs. 3,41,16,603). The Operational Creditor sent statements of pending invoices, which were confirmed by the Corporate Debtor, but payments were not made. A demand notice was issued on
…The respondent approached the petitioner for…
The Petitioner issued a demand notice under…