Akshaya Engineering Works Pvt. Ltd. filed a company petition on 2022-03-16 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Pravin Electricals Pvt. Ltd. The operational debt claimed was Rs. 1,54,41,822.89, including outstanding invoice payments of Rs. 1,14,95,055.47 and interest of Rs. 39,46,767.43 at an average rate of 16.74% until 2021-12-14.
Akshaya Engineering Works Pvt. Ltd. (Operational Creditor) filed a petition against Pravin Electricals Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP for an operational debt of Rs. 1,54,41,822.89. The Operational Creditor is a registered MSME. They provided services to the Corporate Debtor for installation of electrical equipment under contract agreements. The Operational Creditor raised 17 invoices, with the first dated 2018-10-31 and the last dated 2019-10-18. The Corporate Debtor was to make payments within 21 days of receiving the bills. The first default occurred on 2018-11-22. The Corporate Debtor admitted liability through an email dated 2019-05-02. The Corporate Debtor claimed that payments were 'back to back' and contingent on receiving payment from
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The Operational…
The Operational…
Akshaya Engineering Works Pvt. Ltd. filed a company petition on 2022-03-16 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Pravin Electricals Pvt. Ltd. The operational debt claimed was Rs. 1,54,41,822.89, including outstanding invoice payments of Rs. 1,14,95,055.47 and interest of Rs. 39,46,767.43 at an average rate of 16.74% until 2021-12-14.
Akshaya Engineering Works Pvt. Ltd. (Operational Creditor) filed a petition against Pravin Electricals Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP for an operational debt of Rs. 1,54,41,822.89. The Operational Creditor is a registered MSME. They provided services to the Corporate Debtor for installation of electrical equipment under contract agreements. The Operational Creditor raised 17 invoices, with the first dated 2018-10-31 and the last dated 2019-10-18. The Corporate Debtor was to make payments within 21 days of receiving the bills. The first default occurred on 2018-11-22. The Corporate Debtor admitted liability through an email dated 2019-05-02. The Corporate Debtor claimed that payments were 'back to back' and contingent on receiving payment from
…The Operational…
The Operational…