The case involves an application filed by Neptunus Power Plant Services Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jagson International Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 1,32,99,727.58/- along with interest. The Corporate Debtor contested the application, citing pre-existing disputes, the application being below the statutory limit, and the application being time-barred.
Neptunus Power Plant Services Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jagson International Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 1,32,99,727.58/- including interest. The Corporate Debtor purchased Caterpillar engine parts and engaged services from the Operational Creditor. The Operational Creditor raised invoices for sales and services. The Corporate Debtor acknowledged a liability of Rs. 40,93,166/- in an acknowledgment letter dated 29.08.2018. The Operational Creditor sent demand notices on 03.01.2020 and 24.01.2020 for outstanding debts since 2015 amounting to Rs. 87,67,953.55 including
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M/s. Neptunus Power Plant Services Private…
M/s. Jagson Internationa…
The case involves an application filed by Neptunus Power Plant Services Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jagson International Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 1,32,99,727.58/- along with interest. The Corporate Debtor contested the application, citing pre-existing disputes, the application being below the statutory limit, and the application being time-barred.
Neptunus Power Plant Services Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jagson International Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 1,32,99,727.58/- including interest. The Corporate Debtor purchased Caterpillar engine parts and engaged services from the Operational Creditor. The Operational Creditor raised invoices for sales and services. The Corporate Debtor acknowledged a liability of Rs. 40,93,166/- in an acknowledgment letter dated 29.08.2018. The Operational Creditor sent demand notices on 03.01.2020 and 24.01.2020 for outstanding debts since 2015 amounting to Rs. 87,67,953.55 including
…M/s. Neptunus Power Plant Services Private…
M/s. Jagson Internationa…