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 in payment of Rs. 1,40,32,565/- for supplies made during 2018 and 2019. The applicant issued a demand notice on 14.01.2021, and the respondent provided post-dated cheques admitting liability but failed to honor them. The applicant also filed an Interlocutory Application due to concerns about the respondent disposing of assets. The respondent paid Rs. 1,05,21,945/- on 21.02.2021, but the balance remained unpaid.
Usha Enterprises, an operational creditor, supplied goods to K.G.N. Deccan Engineering Industries Private Limited, the corporate debtor, in 2018 and 2019. The corporate debtor defaulted on payments amounting to Rs. 1,40,32,565/-. Usha Enterprises issued a demand notice on 14.01.2021. The corporate debtor provided post-dated cheques admitting liability but did not honor them. The corporate debtor paid Rs. 1,05,21,945/- via RTGS on 21.02.2021, leaving a balance of Rs. 62,57,927/- (Rs. 35,10,620/- towards principal and Rs. 27,47,307/- towards interest) unpaid. The corporate debtor argued against the interest claim, citing the COVID-19 pandemic and lack of agreement on interest. Usha Enterprises filed an application under Section 9 of the Insolvency and Bankruptcy Code,
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Usha Enterprises made supplies to K.G.N.…
Usha Enterprises issued a demand notice 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 in payment of Rs. 1,40,32,565/- for supplies made during 2018 and 2019. The applicant issued a demand notice on 14.01.2021, and the respondent provided post-dated cheques admitting liability but failed to honor them. The applicant also filed an Interlocutory Application due to concerns about the respondent disposing of assets. The respondent paid Rs. 1,05,21,945/- on 21.02.2021, but the balance remained unpaid.
Usha Enterprises, an operational creditor, supplied goods to K.G.N. Deccan Engineering Industries Private Limited, the corporate debtor, in 2018 and 2019. The corporate debtor defaulted on payments amounting to Rs. 1,40,32,565/-. Usha Enterprises issued a demand notice on 14.01.2021. The corporate debtor provided post-dated cheques admitting liability but did not honor them. The corporate debtor paid Rs. 1,05,21,945/- via RTGS on 21.02.2021, leaving a balance of Rs. 62,57,927/- (Rs. 35,10,620/- towards principal and Rs. 27,47,307/- towards interest) unpaid. The corporate debtor argued against the interest claim, citing the COVID-19 pandemic and lack of agreement on interest. Usha Enterprises filed an application under Section 9 of the Insolvency and Bankruptcy Code,
…Usha Enterprises made supplies to K.G.N.…
Usha Enterprises issued a demand notice to…