The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Tirupati Starch & Chemicals Ltd. (Operational Creditor) against Industrial Enviro & Engineering Services Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor failed to rectify defects in a Waste Water Recycle System supplied and installed by them, despite payments made. The corporate debtor contended that there were disputes regarding the quality of the plant and services, and that the applicant had not fulfilled their obligations.
Tirupati Starch & Chemicals Ltd. (Applicant/Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Industrial Enviro & Engineering Services Private Limited (Respondent/Corporate Debtor). The applicant placed an order on 26.05.2018 for the supply and installation of a Waste Water Recycle System with a capacity of 800 m3/day. The corporate debtor was required to complete the installation by 17.09.2018. The agreed price was Rs. 1,77,00,000/- inclusive of taxes. The applicant paid an advance of 10% on 29.05.2018 and made total payments of Rs. 1,68,20,000/-. The applicant claimed that the plant supplied by the corporate debtor was under-capacity and did not give the desired results. The applicant sent several
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Applicant placed an…
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Tirupati Starch & Chemicals Ltd. (Operational Creditor) against Industrial Enviro & Engineering Services Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor failed to rectify defects in a Waste Water Recycle System supplied and installed by them, despite payments made. The corporate debtor contended that there were disputes regarding the quality of the plant and services, and that the applicant had not fulfilled their obligations.
Tirupati Starch & Chemicals Ltd. (Applicant/Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Industrial Enviro & Engineering Services Private Limited (Respondent/Corporate Debtor). The applicant placed an order on 26.05.2018 for the supply and installation of a Waste Water Recycle System with a capacity of 800 m3/day. The corporate debtor was required to complete the installation by 17.09.2018. The agreed price was Rs. 1,77,00,000/- inclusive of taxes. The applicant paid an advance of 10% on 29.05.2018 and made total payments of Rs. 1,68,20,000/-. The applicant claimed that the plant supplied by the corporate debtor was under-capacity and did not give the desired results. The applicant sent several
…Applicant placed an…
Applicant pa…