Manoj Stone Infra Private Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Railsys Engineers Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was based on an unresolved operational debt of Rs. 1,94,41,234/-. The Corporate Debtor opposed the admission of the petition, contending a pre-existing dispute and arguing that the nature of the debt was not an 'Operational Debt'.
Manoj Stone Infra Private Limited (Operational Creditor) claimed that Railsys Engineers Private Limited (Corporate Debtor) owed them Rs. 1,94,41,234/- for the supply of signaling cables and kyosan made electronic interlocking items. The Corporate Debtor issued a purchase order on 02.03.2021, and the goods were supplied in March 2021, received on 29.03.2021. The Operational Creditor raised two invoices totaling Rs 2,57,26,234/- and requested payment on 06.04.2021. After repeated requests, the Corporate Debtor paid Rs. 62,85,000/-, leaving Rs. 1,94,41,234/- outstanding. The Operational Creditor issued a demand notice on 08.02.2022. The Corporate Debtor argued that the transaction was part of a profit-sharing arrangement, not a simple supply of goods, and that there were
…Sign in to view the parties.
The Corporate Debtor issued a Purchase order…
The Petitioner supplied goods to the Corporate…
Manoj Stone Infra Private Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Railsys Engineers Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was based on an unresolved operational debt of Rs. 1,94,41,234/-. The Corporate Debtor opposed the admission of the petition, contending a pre-existing dispute and arguing that the nature of the debt was not an 'Operational Debt'.
Manoj Stone Infra Private Limited (Operational Creditor) claimed that Railsys Engineers Private Limited (Corporate Debtor) owed them Rs. 1,94,41,234/- for the supply of signaling cables and kyosan made electronic interlocking items. The Corporate Debtor issued a purchase order on 02.03.2021, and the goods were supplied in March 2021, received on 29.03.2021. The Operational Creditor raised two invoices totaling Rs 2,57,26,234/- and requested payment on 06.04.2021. After repeated requests, the Corporate Debtor paid Rs. 62,85,000/-, leaving Rs. 1,94,41,234/- outstanding. The Operational Creditor issued a demand notice on 08.02.2022. The Corporate Debtor argued that the transaction was part of a profit-sharing arrangement, not a simple supply of goods, and that there were
…The Corporate Debtor issued a Purchase order…
The Petitioner supplied goods to the Corporate…