M/s Steel Mech Engineers filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Inox Wind Ltd, claiming an operational debt of Rs. 1,88,53,723, which included a principal amount of Rs. 97,34,507 and delayed payment interest. The respondent, Inox Wind Ltd, argued that the principal amount had already been paid and that the claim was now only for interest, which was not maintainable under IBC. They also claimed a pre-existing dispute regarding the quality of the supplied materials.
M/s Steel Mech Engineers, the applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Inox Wind Ltd, the respondent. The applicant claimed an operational debt of Rs. 1,88,53,723, including a principal amount of Rs. 97,34,507 and delayed payment interest. The respondent argued that the principal amount had already been paid and that the claim was now only for interest, which was not maintainable under IBC. The respondent also claimed a pre-existing dispute regarding the quality of the supplied materials, referring to an email dated 06.09.2018. The applicant contended that they were an MSME unit and entitled to interest under statutory safeguards. The principal debt was paid in full by the respondent before
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M/s Inox Wi…
Applicant claimed the…
M/s Steel Mech Engineers filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Inox Wind Ltd, claiming an operational debt of Rs. 1,88,53,723, which included a principal amount of Rs. 97,34,507 and delayed payment interest. The respondent, Inox Wind Ltd, argued that the principal amount had already been paid and that the claim was now only for interest, which was not maintainable under IBC. They also claimed a pre-existing dispute regarding the quality of the supplied materials.
M/s Steel Mech Engineers, the applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Inox Wind Ltd, the respondent. The applicant claimed an operational debt of Rs. 1,88,53,723, including a principal amount of Rs. 97,34,507 and delayed payment interest. The respondent argued that the principal amount had already been paid and that the claim was now only for interest, which was not maintainable under IBC. The respondent also claimed a pre-existing dispute regarding the quality of the supplied materials, referring to an email dated 06.09.2018. The applicant contended that they were an MSME unit and entitled to interest under statutory safeguards. The principal debt was paid in full by the respondent before
…M/s Inox Wi…
Applicant claimed the…