M/s Flowjet Valves Private Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Cesare Bonetti International Pvt. Ltd., the Corporate Debtor, on 2022-10-01. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for default in payment of an operational debt amounting to Rs. 1,19,29,233/-, which included a principal amount and interest, with the interest component being Rs. 52,78,498/-.
The Operational Creditor, M/s Flowjet Valves Private Limited, is in the business of manufacturing and supplying valves since 2018. The Corporate Debtor, M/s Cesare Bonetti International Pvt. Ltd., approached the Operational Creditor for the manufacture and supply of valves. Invoices were raised from 2018-12-29 to 2020-01-28, and the Operational Creditor claimed a total debt of Rs. 1,19,29,233/-, including a principal amount and interest of Rs. 52,78,498/-. The Operational Creditor sent a demand notice on 2022-04-18, claiming default from 2020-02-27. The Corporate Debtor acknowledged the invoices but disputed the interest component, arguing that it was not agreed upon and that the inclusion of interest would bring the claim below the minimum threshold of Rs. 1 crore.
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M/s Flowjet Valves Private Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Cesare Bonetti International Pvt. Ltd., the Corporate Debtor, on 2022-10-01. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for default in payment of an operational debt amounting to Rs. 1,19,29,233/-, which included a principal amount and interest, with the interest component being Rs. 52,78,498/-.
The Operational Creditor, M/s Flowjet Valves Private Limited, is in the business of manufacturing and supplying valves since 2018. The Corporate Debtor, M/s Cesare Bonetti International Pvt. Ltd., approached the Operational Creditor for the manufacture and supply of valves. Invoices were raised from 2018-12-29 to 2020-01-28, and the Operational Creditor claimed a total debt of Rs. 1,19,29,233/-, including a principal amount and interest of Rs. 52,78,498/-. The Operational Creditor sent a demand notice on 2022-04-18, claiming default from 2020-02-27. The Corporate Debtor acknowledged the invoices but disputed the interest component, arguing that it was not agreed upon and that the inclusion of interest would bring the claim below the minimum threshold of Rs. 1 crore.
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