The case originates from a petition filed by M/s.NITCO Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pridepoint Constructions Pvt Ltd, the corporate debtor. The operational creditor claimed a default in payment of Rs 23,95,910/- as of November 15, 2017. The corporate debtor acknowledged the supply of materials worth Rs. 2,37,19,875/-, but claimed to have already paid Rs. 2,00,00,000/- and rejected goods worth Rs. 37,19,875/-, issuing credit notes for Rs. 13,23,965/-. The operational creditor disputed this, stating that the credit notes had already been adjusted.
M/s.NITCO Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Pridepoint Constructions Pvt Ltd (corporate debtor) for a default in payment of Rs 23,95,910/- as of November 15, 2017. NITCO, a manufacturer and distributor of tiles, marbles, and mosaics, supplied materials to Pridepoint, who approached them for different kinds of marbles for their projects. NITCO raised 13 invoices from May 31, 2014, to March 3, 2015, totaling Rs. 2,37,19,875/-. Pridepoint claimed to have paid Rs. 2,00,00,000/- and rejected goods worth Rs. 37,19,875/-, issuing credit notes for Rs. 13,23,965/-. The last payment of Rs. 10,00,000/- was made on November 14, 2017. NITCO issued a demand notice on November 15, 2018, for the
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The case originates from a petition filed by M/s.NITCO Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pridepoint Constructions Pvt Ltd, the corporate debtor. The operational creditor claimed a default in payment of Rs 23,95,910/- as of November 15, 2017. The corporate debtor acknowledged the supply of materials worth Rs. 2,37,19,875/-, but claimed to have already paid Rs. 2,00,00,000/- and rejected goods worth Rs. 37,19,875/-, issuing credit notes for Rs. 13,23,965/-. The operational creditor disputed this, stating that the credit notes had already been adjusted.
M/s.NITCO Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Pridepoint Constructions Pvt Ltd (corporate debtor) for a default in payment of Rs 23,95,910/- as of November 15, 2017. NITCO, a manufacturer and distributor of tiles, marbles, and mosaics, supplied materials to Pridepoint, who approached them for different kinds of marbles for their projects. NITCO raised 13 invoices from May 31, 2014, to March 3, 2015, totaling Rs. 2,37,19,875/-. Pridepoint claimed to have paid Rs. 2,00,00,000/- and rejected goods worth Rs. 37,19,875/-, issuing credit notes for Rs. 13,23,965/-. The last payment of Rs. 10,00,000/- was made on November 14, 2017. NITCO issued a demand notice on November 15, 2018, for the
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