Usha Enterprises filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against K.G.N. Deccan Engineering Industries Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on payments amounting to Rs. 1,40,32,565/- for supplies made during 2018 and 2019. The corporate debtor initially acknowledged the debt by issuing post-dated cheques but later failed to honor them. The applicant also alleged that the corporate debtor was attempting to dispose of its assets. The corporate debtor argued that it had already paid Rs. 1,05,21,945/- and disputed the interest claimed by the applicant, citing the COVID-19 pandemic as a reason for not being liable for
…Usha Enterprises, an operational creditor, supplied goods to K.G.N. Deccan Engineering Industries Private Limited in 2018 and 2019. An amount of Rs. 1,40,32,565/- became due and payable. Usha Enterprises issued a demand notice on 2021-01-14. K.G.N. Deccan Engineering Industries Private Limited initially acknowledged the debt and issued four post-dated cheques. K.G.N. Deccan Engineering Industries Private Limited later failed to honor the cheques. K.G.N. Deccan Engineering Industries Private Limited paid Rs. 1,05,21,945/- via RTGS on 2021-02-21 during the pendency of the application. Usha Enterprises agreed to reduce the interest rate from 24% to 18%. K.G.N. Deccan Engineering Industries Private Limited still owed Rs. 62,57,927/-, including principal and interest.
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Usha Enterprises made various supplies to…
Usha Enterprises made various supplies to…
Usha Enterprises filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against K.G.N. Deccan Engineering Industries Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on payments amounting to Rs. 1,40,32,565/- for supplies made during 2018 and 2019. The corporate debtor initially acknowledged the debt by issuing post-dated cheques but later failed to honor them. The applicant also alleged that the corporate debtor was attempting to dispose of its assets. The corporate debtor argued that it had already paid Rs. 1,05,21,945/- and disputed the interest claimed by the applicant, citing the COVID-19 pandemic as a reason for not being liable for
…Usha Enterprises, an operational creditor, supplied goods to K.G.N. Deccan Engineering Industries Private Limited in 2018 and 2019. An amount of Rs. 1,40,32,565/- became due and payable. Usha Enterprises issued a demand notice on 2021-01-14. K.G.N. Deccan Engineering Industries Private Limited initially acknowledged the debt and issued four post-dated cheques. K.G.N. Deccan Engineering Industries Private Limited later failed to honor the cheques. K.G.N. Deccan Engineering Industries Private Limited paid Rs. 1,05,21,945/- via RTGS on 2021-02-21 during the pendency of the application. Usha Enterprises agreed to reduce the interest rate from 24% to 18%. K.G.N. Deccan Engineering Industries Private Limited still owed Rs. 62,57,927/-, including principal and interest.
…Usha Enterprises made various supplies to…
Usha Enterprises made various supplies to…