The case involves an application filed by Jiangsu Yinhe Electronics Co. Ltd, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Madurai Krishna Network Private Limited, the Corporate Debtor. The Operational Creditor claimed a default of USD 6,38,157/- for the supply of 66,000 DIGITALHD Set Top Boxes (STBs). The Corporate Debtor admitted to procuring the STBs but contended that they were procured on behalf of Akshaya Diginet Cable Vision Private Limited (Akshaya), who failed to make payments. The Corporate Debtor also claimed a pre-existing dispute and that the application was not maintainable.
Jiangsu Yinhe Electronics Co. Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Madurai Krishna Network Private Limited (Corporate Debtor) for a default of USD 6,38,157/-. The debt arose from the supply of 66,000 DIGITALHD Set Top Boxes (STBs) ordered by the Corporate Debtor via a purchase order dated 01.10.2018. The agreement stipulated 15% advance payment and 85% payment within 180 days of delivery. The Operational Creditor supplied the STBs and raised invoices between February and June 2019. The Corporate Debtor paid only USD 1,20,150/-, leaving a balance of USD 6,38,157/- unpaid. The Operational Creditor issued a demand notice under Section 8(1) of the I&B Code on 23.08.2021. The Corporate Debtor
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Corporate Debtor ordered 66,000 pieces of…
First shipment of STBs…
The case involves an application filed by Jiangsu Yinhe Electronics Co. Ltd, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Madurai Krishna Network Private Limited, the Corporate Debtor. The Operational Creditor claimed a default of USD 6,38,157/- for the supply of 66,000 DIGITALHD Set Top Boxes (STBs). The Corporate Debtor admitted to procuring the STBs but contended that they were procured on behalf of Akshaya Diginet Cable Vision Private Limited (Akshaya), who failed to make payments. The Corporate Debtor also claimed a pre-existing dispute and that the application was not maintainable.
Jiangsu Yinhe Electronics Co. Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Madurai Krishna Network Private Limited (Corporate Debtor) for a default of USD 6,38,157/-. The debt arose from the supply of 66,000 DIGITALHD Set Top Boxes (STBs) ordered by the Corporate Debtor via a purchase order dated 01.10.2018. The agreement stipulated 15% advance payment and 85% payment within 180 days of delivery. The Operational Creditor supplied the STBs and raised invoices between February and June 2019. The Corporate Debtor paid only USD 1,20,150/-, leaving a balance of USD 6,38,157/- unpaid. The Operational Creditor issued a demand notice under Section 8(1) of the I&B Code on 23.08.2021. The Corporate Debtor
…Corporate Debtor ordered 66,000 pieces of…
First shipment of STBs…