Vinar Systems Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Imax Electrotek Private Limited, the Corporate Debtor. The Operational Creditor had supplied conveyor machinery and its parts to the Corporate Debtor, who made only partial payments. The Operational Creditor issued a statutory notice on 08.10.2015 under the Companies Act, 1956, and a fresh demand notice on 13.07.2017 under Section 8 of the Code, seeking payment of the outstanding debt. The Corporate Debtor failed to make any payment or furnish a reply, leading the Operational Creditor to file the application for CIRP.
Vinar Systems Private Limited (Operational Creditor) supplied conveyor machinery and parts to Imax Electrotek Private Limited (Corporate Debtor) based on purchase orders from 07.07.2014. The Corporate Debtor made partial payments, leaving Rs. 20,25,680.30 outstanding as of 08.06.2015. The Operational Creditor issued a legal notice on 08.06.2015, demanding payment with 18% interest. The Corporate Debtor paid Rs. 10,50,000 on 25.06.2015 but failed to pay the balance. The Corporate Debtor alleged deficiency of service on 02.07.2015, which the Operational Creditor denied. The Operational Creditor issued a statutory notice on 08.10.2015 under the Companies Act, 1956. As of 08.10.2015, Rs. 11,35,514.80 remained outstanding. The Operational Creditor issued a fresh demand
…Sign in to view the parties.
The Corporate Debtor approached the Operational…
The Corporate Debtor raised various purchase…
Vinar Systems Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Imax Electrotek Private Limited, the Corporate Debtor. The Operational Creditor had supplied conveyor machinery and its parts to the Corporate Debtor, who made only partial payments. The Operational Creditor issued a statutory notice on 08.10.2015 under the Companies Act, 1956, and a fresh demand notice on 13.07.2017 under Section 8 of the Code, seeking payment of the outstanding debt. The Corporate Debtor failed to make any payment or furnish a reply, leading the Operational Creditor to file the application for CIRP.
Vinar Systems Private Limited (Operational Creditor) supplied conveyor machinery and parts to Imax Electrotek Private Limited (Corporate Debtor) based on purchase orders from 07.07.2014. The Corporate Debtor made partial payments, leaving Rs. 20,25,680.30 outstanding as of 08.06.2015. The Operational Creditor issued a legal notice on 08.06.2015, demanding payment with 18% interest. The Corporate Debtor paid Rs. 10,50,000 on 25.06.2015 but failed to pay the balance. The Corporate Debtor alleged deficiency of service on 02.07.2015, which the Operational Creditor denied. The Operational Creditor issued a statutory notice on 08.10.2015 under the Companies Act, 1956. As of 08.10.2015, Rs. 11,35,514.80 remained outstanding. The Operational Creditor issued a fresh demand
…The Corporate Debtor approached the Operational…
The Corporate Debtor raised various purchase…