The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. H.V.R. Industries Private Limited (the applicant/operational creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bindal and Bindal Private Limited (the respondent/corporate debtor). The applicant claimed that the corporate debtor had defaulted on payments for goods supplied on credit. The corporate debtor admitted to a partial liability but claimed adjustments for scrap batteries supplied to the applicant. The applicant denied these claims and asserted that the corporate debtor's cheques were dishonored.
M/s. H.V.R. Industries Private Limited (applicant) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Bindal and Bindal Private Limited (corporate debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The applicant supplied chemicals on credit to the corporate debtor between 2014-02-17 and 2014-10-03, which were duly received. The corporate debtor made partial payments, with the last payment on 2015-01-14. Three cheques totaling Rs. 25,00,000 issued by the corporate debtor were dishonored on 2015-07-20. The applicant sent a demand notice under Section 8 of the Code on 2017-12-28, which was returned with the remark 'SHIFTED'. The corporate debtor admitted a liability of Rs. 3,10,789 but claimed adjustments for
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. H.V.R. Industries Private Limited (the applicant/operational creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bindal and Bindal Private Limited (the respondent/corporate debtor). The applicant claimed that the corporate debtor had defaulted on payments for goods supplied on credit. The corporate debtor admitted to a partial liability but claimed adjustments for scrap batteries supplied to the applicant. The applicant denied these claims and asserted that the corporate debtor's cheques were dishonored.
M/s. H.V.R. Industries Private Limited (applicant) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Bindal and Bindal Private Limited (corporate debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The applicant supplied chemicals on credit to the corporate debtor between 2014-02-17 and 2014-10-03, which were duly received. The corporate debtor made partial payments, with the last payment on 2015-01-14. Three cheques totaling Rs. 25,00,000 issued by the corporate debtor were dishonored on 2015-07-20. The applicant sent a demand notice under Section 8 of the Code on 2017-12-28, which was returned with the remark 'SHIFTED'. The corporate debtor admitted a liability of Rs. 3,10,789 but claimed adjustments for
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