The case involves an application filed by Oswal Pumps Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bhopal Tractors Private Limited (Corporate Debtor). The operational creditor claimed a default amount of Rs 39,89,321/-. The corporate debtor argued that the goods were not sold but transferred under a principal-agent relationship and that the goods were defective. The corporate debtor also claimed to have paid a security deposit of Rs 25 lakh.
Oswal Pumps Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bhopal Tractors Private Limited (Corporate Debtor). The application was filed on 13.06.2019. The operational creditor claimed a default amount of Rs 39,89,321/-, comprising a principal amount of Rs 22,56,259/- and an interest amount of Rs 17,33,062/-. The operational creditor and corporate debtor had a business relationship involving the purchase and supply of submersible pumps, monoblock pumps, and electric motors. The operational creditor supplied goods to the corporate debtor in the financial year 2014-15. The operational creditor sent an email on 22.06.2018, stating that
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An agreemen…
Goods were supplied and invoices were…
The case involves an application filed by Oswal Pumps Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bhopal Tractors Private Limited (Corporate Debtor). The operational creditor claimed a default amount of Rs 39,89,321/-. The corporate debtor argued that the goods were not sold but transferred under a principal-agent relationship and that the goods were defective. The corporate debtor also claimed to have paid a security deposit of Rs 25 lakh.
Oswal Pumps Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bhopal Tractors Private Limited (Corporate Debtor). The application was filed on 13.06.2019. The operational creditor claimed a default amount of Rs 39,89,321/-, comprising a principal amount of Rs 22,56,259/- and an interest amount of Rs 17,33,062/-. The operational creditor and corporate debtor had a business relationship involving the purchase and supply of submersible pumps, monoblock pumps, and electric motors. The operational creditor supplied goods to the corporate debtor in the financial year 2014-15. The operational creditor sent an email on 22.06.2018, stating that
…An agreemen…
Goods were supplied and invoices were…