Creative Metal Industries filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Chinnar Projects Pvt Ltd for an operational debt of Rs. 19,84,747. The petitioner claimed that the respondent failed to make payments for goods supplied against a purchase order.
In May 2019, M/s Chinnar Projects Pvt Ltd (the Respondent) approached Creative Metal Industries (the Petitioner) and placed a purchase order dated 2019-05-30. Against this purchase order, the Petitioner supplied goods to the Respondent, supported by tax invoices dated 2019-06-01. The total outstanding amount for the supplied goods was Rs. 20,84,747. The Respondent issued a cheque dated 2019-07-19 for Rs. 15,00,000, which was dishonored due to 'Funds Insufficient'. Email correspondences show the Respondent agreed to make payments, including penalties for delays, but failed to do so. A demand notice was issued on 2019-08-27. The Respondent deposited Rs. 1,00,000 in the Petitioner's account, leaving Rs. 19,84,747 outstanding. A further demand notice was issued on
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The Petitioner supplied goods to the Respondent…
Creative Metal Industries filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Chinnar Projects Pvt Ltd for an operational debt of Rs. 19,84,747. The petitioner claimed that the respondent failed to make payments for goods supplied against a purchase order.
In May 2019, M/s Chinnar Projects Pvt Ltd (the Respondent) approached Creative Metal Industries (the Petitioner) and placed a purchase order dated 2019-05-30. Against this purchase order, the Petitioner supplied goods to the Respondent, supported by tax invoices dated 2019-06-01. The total outstanding amount for the supplied goods was Rs. 20,84,747. The Respondent issued a cheque dated 2019-07-19 for Rs. 15,00,000, which was dishonored due to 'Funds Insufficient'. Email correspondences show the Respondent agreed to make payments, including penalties for delays, but failed to do so. A demand notice was issued on 2019-08-27. The Respondent deposited Rs. 1,00,000 in the Petitioner's account, leaving Rs. 19,84,747 outstanding. A further demand notice was issued on
…The Respondent…
The Petitioner supplied goods to the Respondent…