M/s Accurate Auto Products Pvt. Ltd, the applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Osha Tools Pvt. Ltd, the respondent, for non-payment of operational debt. The applicant claimed that the respondent failed to pay Rs. 10,33,394, which included the principal amount of Rs. 6,50,726.77 and simple interest at 8% per annum, with the date of default being 03.05.2014. The respondent opposed the application, citing pre-existing disputes regarding the quality of goods supplied and part payments made.
M/s Accurate Auto Products Pvt. Ltd. filed a petition under Section 9 of the IBC, 2016, against M/s Osha Tools Pvt. Ltd. for non-payment of operational debt. The debt arose from the supply of machinery in May 2014, with invoices totaling Rs. 8,18,286.02. The applicant claimed a total debt of Rs. 10,33,394, including principal and interest, with the date of default as 03.05.2014. The respondent made a part payment of Rs. 76,432.30 on 14.12.2015 and returned tools worth Rs. 6,50,726.77. The respondent contended that the goods supplied were of substandard quality, leading to a pre-existing dispute. The applicant issued a demand notice on 04.06.2018, which was replied to by the respondent. The applicant's ledger account was not audited or signed. The applicant company is
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M/s Accurate Auto Products Pvt. Ltd, the applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Osha Tools Pvt. Ltd, the respondent, for non-payment of operational debt. The applicant claimed that the respondent failed to pay Rs. 10,33,394, which included the principal amount of Rs. 6,50,726.77 and simple interest at 8% per annum, with the date of default being 03.05.2014. The respondent opposed the application, citing pre-existing disputes regarding the quality of goods supplied and part payments made.
M/s Accurate Auto Products Pvt. Ltd. filed a petition under Section 9 of the IBC, 2016, against M/s Osha Tools Pvt. Ltd. for non-payment of operational debt. The debt arose from the supply of machinery in May 2014, with invoices totaling Rs. 8,18,286.02. The applicant claimed a total debt of Rs. 10,33,394, including principal and interest, with the date of default as 03.05.2014. The respondent made a part payment of Rs. 76,432.30 on 14.12.2015 and returned tools worth Rs. 6,50,726.77. The respondent contended that the goods supplied were of substandard quality, leading to a pre-existing dispute. The applicant issued a demand notice on 04.06.2018, which was replied to by the respondent. The applicant's ledger account was not audited or signed. The applicant company is
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