Premium Transmission Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Gactel Turnkey Projects Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for gear boxes supplied based on a purchase order dated 15.11.2011. Six invoices aggregating to Rs.40,89,691/- remained unpaid as on 04.03.2015. The Corporate Debtor made partial payments, leaving a balance of Rs.29,82,766/- outstanding. The Corporate Debtor argued that the application was time-barred and that the Operational Creditor had initiated a civil suit for the same dues, rendering the IBC petition impermissible.
…Premium Transmission Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gactel Turnkey Projects Limited (Corporate Debtor). The Operational Creditor supplied gear boxes to the Corporate Debtor based on a purchase order dated 15.11.2011. Six invoices aggregating to Rs.40,89,691/- remained unpaid as of 04.03.2015. The Corporate Debtor made partial payments totaling Rs.11,06,925/-, including a payment of Rs.10,30,125/- on 18.05.2015, leaving a balance of Rs.29,82,766/-. The date of default was stated as 04.03.2015, the date of the last invoice. The Operational Creditor issued a Demand Notice dated 04.04.2018 under Section 8 of the Code. The
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Corporate Debtor raised a purchase order on the…
Date of the last…
Premium Transmission Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Gactel Turnkey Projects Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for gear boxes supplied based on a purchase order dated 15.11.2011. Six invoices aggregating to Rs.40,89,691/- remained unpaid as on 04.03.2015. The Corporate Debtor made partial payments, leaving a balance of Rs.29,82,766/- outstanding. The Corporate Debtor argued that the application was time-barred and that the Operational Creditor had initiated a civil suit for the same dues, rendering the IBC petition impermissible.
…Premium Transmission Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gactel Turnkey Projects Limited (Corporate Debtor). The Operational Creditor supplied gear boxes to the Corporate Debtor based on a purchase order dated 15.11.2011. Six invoices aggregating to Rs.40,89,691/- remained unpaid as of 04.03.2015. The Corporate Debtor made partial payments totaling Rs.11,06,925/-, including a payment of Rs.10,30,125/- on 18.05.2015, leaving a balance of Rs.29,82,766/-. The date of default was stated as 04.03.2015, the date of the last invoice. The Operational Creditor issued a Demand Notice dated 04.04.2018 under Section 8 of the Code. The
…Corporate Debtor raised a purchase order on the…
Date of the last…