The case involves an application filed by Aditya Kumar, proprietor of M/s S.B. Electricals (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against LKB Engineering Private Limited (Corporate Debtor). The application pertains to an alleged default of Rs. 26,20,992/-, inclusive of a principal amount of Rs. 17,91,103/-, with interest calculated at 18% per annum from 11.07.2018 to 11.01.2021. The Corporate Debtor allegedly approached the Operational Creditor in 2016 for the sale of electric cables, leading to a business relationship and a running account. Disputes arose
…In 2016, LKB Engineering Private Limited (Corporate Debtor) approached Aditya Kumar, proprietor of M/s S.B. Electricals (Operational Creditor), to purchase electric cables. A business relationship ensued, with the Operational Creditor maintaining a running account and making payments on demand. The Corporate Debtor operated from two units, one in Delhi and one in Bhiwadi, leading the Operational Creditor to maintain separate ledger accounts. In August 2018, the Operational Creditor discovered an excess payment of Rs. 20,00,000/- in the Delhi account, which the Corporate Debtor acknowledged and promised to adjust against pending purchase orders. In February 2019, disputes arose due to delayed deliveries, and it was agreed that Rs. 4,20,577/- payable by the Operational
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The case involves an application filed by Aditya Kumar, proprietor of M/s S.B. Electricals (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against LKB Engineering Private Limited (Corporate Debtor). The application pertains to an alleged default of Rs. 26,20,992/-, inclusive of a principal amount of Rs. 17,91,103/-, with interest calculated at 18% per annum from 11.07.2018 to 11.01.2021. The Corporate Debtor allegedly approached the Operational Creditor in 2016 for the sale of electric cables, leading to a business relationship and a running account. Disputes arose
…In 2016, LKB Engineering Private Limited (Corporate Debtor) approached Aditya Kumar, proprietor of M/s S.B. Electricals (Operational Creditor), to purchase electric cables. A business relationship ensued, with the Operational Creditor maintaining a running account and making payments on demand. The Corporate Debtor operated from two units, one in Delhi and one in Bhiwadi, leading the Operational Creditor to maintain separate ledger accounts. In August 2018, the Operational Creditor discovered an excess payment of Rs. 20,00,000/- in the Delhi account, which the Corporate Debtor acknowledged and promised to adjust against pending purchase orders. In February 2019, disputes arose due to delayed deliveries, and it was agreed that Rs. 4,20,577/- payable by the Operational
…Corporate Debtor…
Operational Creditor…