Hella Infra Market Private Limited, the operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Fraser and Company Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on a payment of Rs. 1,24,83,600/-, including interest at 24% per annum, for the supply of Ready-Mix Concrete (RMC) and slurry. The corporate debtor argued that the application was not maintainable under Section 10A of the Code, as the invoices fell within the period covered by that section.
Hella Infra Market Private Limited (Operational Creditor) filed a petition against Fraser and Company Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed a default of Rs. 1,24,83,600/- including interest at 24% per annum. The Corporate Debtor placed four purchase orders for Ready-Mix Concrete (RMC) and slurry on 17.03.2020, 30.06.2020, 01.07.2020, and 18.07.2020. The Operational Creditor supplied the materials and raised invoices aggregating to Rs. 1,84,58,223/-, out of which the Corporate Debtor paid Rs. 84,31,227/-, leaving a balance of Rs. 1,00,26,996/-. The Operational Creditor issued a demand notice on 20.08.2021, which the Corporate Debtor replied to on 28.08.2021,
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Respondent placed its first Purchase Order for…
Respondent raised…
Hella Infra Market Private Limited, the operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Fraser and Company Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on a payment of Rs. 1,24,83,600/-, including interest at 24% per annum, for the supply of Ready-Mix Concrete (RMC) and slurry. The corporate debtor argued that the application was not maintainable under Section 10A of the Code, as the invoices fell within the period covered by that section.
Hella Infra Market Private Limited (Operational Creditor) filed a petition against Fraser and Company Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed a default of Rs. 1,24,83,600/- including interest at 24% per annum. The Corporate Debtor placed four purchase orders for Ready-Mix Concrete (RMC) and slurry on 17.03.2020, 30.06.2020, 01.07.2020, and 18.07.2020. The Operational Creditor supplied the materials and raised invoices aggregating to Rs. 1,84,58,223/-, out of which the Corporate Debtor paid Rs. 84,31,227/-, leaving a balance of Rs. 1,00,26,996/-. The Operational Creditor issued a demand notice on 20.08.2021, which the Corporate Debtor replied to on 28.08.2021,
…Respondent placed its first Purchase Order for…
Respondent raised…