Gates India Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lindsay International Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on unpaid operational debt for the supply of hose assemblies. The Corporate Debtor initially acknowledged the debt but later disputed it, citing limitations and a pending suit against ArcelorMittal Temirtau, from whom they expected payment to cover the debt to the Operational Creditor.
Gates India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lindsay International Private Limited (Corporate Debtor) for unpaid operational debt. The debt arose from the supply of hose assemblies by the Operational Creditor to the Corporate Debtor, based on a purchase order dated 22.04.2016. Four invoices were raised on 07.07.2016, totaling Rs. 35,74,679/-, which remained unpaid since 06.09.2016. The Corporate Debtor initially acknowledged the debt in emails and meetings but later disputed it, claiming the debt was barred by limitation and contingent upon receiving payment from ArcelorMittal Temirtau. The Operational Creditor issued a demand notice on 09.07.2019. The Corporate Debtor had
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Corporate Debtor placed Purchase Order No.…
Operational Creditor…
Gates India Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lindsay International Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on unpaid operational debt for the supply of hose assemblies. The Corporate Debtor initially acknowledged the debt but later disputed it, citing limitations and a pending suit against ArcelorMittal Temirtau, from whom they expected payment to cover the debt to the Operational Creditor.
Gates India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lindsay International Private Limited (Corporate Debtor) for unpaid operational debt. The debt arose from the supply of hose assemblies by the Operational Creditor to the Corporate Debtor, based on a purchase order dated 22.04.2016. Four invoices were raised on 07.07.2016, totaling Rs. 35,74,679/-, which remained unpaid since 06.09.2016. The Corporate Debtor initially acknowledged the debt in emails and meetings but later disputed it, claiming the debt was barred by limitation and contingent upon receiving payment from ArcelorMittal Temirtau. The Operational Creditor issued a demand notice on 09.07.2019. The Corporate Debtor had
…Corporate Debtor placed Purchase Order No.…
Operational Creditor…