Iserve Solutions & Services Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Capital Electronics and Appliances Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's failure to pay Rs. 10,75,468, which included interest, for goods (Inspiron Laptops) supplied by the Operational Creditor based on verbal contract.
Iserve Solutions & Services Private Limited (Operational Creditor) supplied Inspiron Laptops to Capital Electronics and Appliances Limited (Corporate Debtor) based on a verbal contract. Two invoices were raised on 02 November, 2018 and 09 November, 2018, totaling Rs. 8,73,538. The Corporate Debtor made partial payments totaling Rs. 2,32,418 between 22 May, 2019 and 04 June, 2019. The Operational Creditor issued a demand notice on 19 December, 2019, claiming outstanding dues of Rs. 10,75,468, including interest at 24% p.a. The Corporate Debtor acknowledged a deficit payment of Rs. 6,18,556 but disputed the interest rate. The Corporate Debtor claimed price variations and reconciliation issues. The Operational Creditor claimed that the Corporate Debtor committed
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Operational Creditor…
Operational Creditor…
Iserve Solutions & Services Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Capital Electronics and Appliances Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's failure to pay Rs. 10,75,468, which included interest, for goods (Inspiron Laptops) supplied by the Operational Creditor based on verbal contract.
Iserve Solutions & Services Private Limited (Operational Creditor) supplied Inspiron Laptops to Capital Electronics and Appliances Limited (Corporate Debtor) based on a verbal contract. Two invoices were raised on 02 November, 2018 and 09 November, 2018, totaling Rs. 8,73,538. The Corporate Debtor made partial payments totaling Rs. 2,32,418 between 22 May, 2019 and 04 June, 2019. The Operational Creditor issued a demand notice on 19 December, 2019, claiming outstanding dues of Rs. 10,75,468, including interest at 24% p.a. The Corporate Debtor acknowledged a deficit payment of Rs. 6,18,556 but disputed the interest rate. The Corporate Debtor claimed price variations and reconciliation issues. The Operational Creditor claimed that the Corporate Debtor committed
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Operational Creditor…