The case involves a petition filed by Praveen Mangilal Jain, the Managing Partner of M/s Vardhaman Cables & Conductors (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against NEC Electromech (India) Private Limited (Corporate Debtor). The Operational Creditor claimed a total debt of Rs. 1,97,27,552/-, including principal and interest, for the supply of LT Cables for the Corporate Debtor's Vashi IDPS T-230 Project. The Corporate Debtor made some payments but defaulted on the remaining amount.
On 10.07.2017, NEC Electromech (India) Private Limited (Corporate Debtor) approached M/s Vardhaman Cables & Conductors (Operational Creditor) to place a purchase order for supplying LT Cable for the Vashi IDPS T-230 Project. On 17.07.2017, the Corporate Debtor issued a purchase order for the supply of LT Cables. Between August 2017 and August 2018, the Operational Creditor issued ten invoices totaling Rs. 1,62,15,690/-. The Corporate Debtor received the goods and made payments until October 2017, totaling Rs. 50,00,000/-. The Corporate Debtor then defaulted on payments. The original purchase order mandated payment within 60 days of receipt of goods. The Operational Creditor issued a Demand Notice under Section 8 of the IB Code on 04.12.2021, which was received by
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NEC Electromech (India) Private Limited…
The Corporate Debtor…
The case involves a petition filed by Praveen Mangilal Jain, the Managing Partner of M/s Vardhaman Cables & Conductors (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against NEC Electromech (India) Private Limited (Corporate Debtor). The Operational Creditor claimed a total debt of Rs. 1,97,27,552/-, including principal and interest, for the supply of LT Cables for the Corporate Debtor's Vashi IDPS T-230 Project. The Corporate Debtor made some payments but defaulted on the remaining amount.
On 10.07.2017, NEC Electromech (India) Private Limited (Corporate Debtor) approached M/s Vardhaman Cables & Conductors (Operational Creditor) to place a purchase order for supplying LT Cable for the Vashi IDPS T-230 Project. On 17.07.2017, the Corporate Debtor issued a purchase order for the supply of LT Cables. Between August 2017 and August 2018, the Operational Creditor issued ten invoices totaling Rs. 1,62,15,690/-. The Corporate Debtor received the goods and made payments until October 2017, totaling Rs. 50,00,000/-. The Corporate Debtor then defaulted on payments. The original purchase order mandated payment within 60 days of receipt of goods. The Operational Creditor issued a Demand Notice under Section 8 of the IB Code on 04.12.2021, which was received by
…NEC Electromech (India) Private Limited…
The Corporate Debtor…