The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Guangzhou Seal Laser Rapid Prototype Co Limited (Operational Creditor) against Schneider Prototyping India Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor raised objections regarding the maintainability of the petition, alleging defects in the demand notice and the application, including issues related to authorization and joint claims by two different entities.
Guangzhou Seal Laser Rapid Prototype Co Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Schneider Prototyping India Private Limited, a corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor approached the operational creditor in 2017 and placed purchase orders. The payment terms were '60 days from the date of material receipt or invoice'. The products were shipped to Noida and Pondicherry locations of the corporate debtor. The corporate debtor failed to adhere to the payment terms. A meeting was held on 19.10.2018, where the total payable amount
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Corporate debtor…
Parties met at the Pondicherry facility of the…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Guangzhou Seal Laser Rapid Prototype Co Limited (Operational Creditor) against Schneider Prototyping India Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor raised objections regarding the maintainability of the petition, alleging defects in the demand notice and the application, including issues related to authorization and joint claims by two different entities.
Guangzhou Seal Laser Rapid Prototype Co Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Schneider Prototyping India Private Limited, a corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor approached the operational creditor in 2017 and placed purchase orders. The payment terms were '60 days from the date of material receipt or invoice'. The products were shipped to Noida and Pondicherry locations of the corporate debtor. The corporate debtor failed to adhere to the payment terms. A meeting was held on 19.10.2018, where the total payable amount
…Corporate debtor…
Parties met at the Pondicherry facility of the…