The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Guangzhou Seal Laser Rapid Prototype Co Limited (Operational Creditor) against M/s. 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 with authorization and joint claims for dues owed to two different entities.
M/s. Guangzhou Seal Laser Rapid Prototype Co Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Schneider Prototyping India Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor is a company established under the laws of China. The Corporate Debtor was incorporated on 31.03.2012. The Operational Creditor supplied goods to the Corporate Debtor at its Noida and Pondicherry locations. The payment terms agreed upon were '60 days from the date of material receipt or invoice'. The Corporate Debtor failed to adhere to the payment terms. A meeting was held on 19.10.2018, where the total payable amount was agreed to be $1,221,974, to
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M/s. Schneider…
The corporate debtor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Guangzhou Seal Laser Rapid Prototype Co Limited (Operational Creditor) against M/s. 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 with authorization and joint claims for dues owed to two different entities.
M/s. Guangzhou Seal Laser Rapid Prototype Co Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Schneider Prototyping India Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor is a company established under the laws of China. The Corporate Debtor was incorporated on 31.03.2012. The Operational Creditor supplied goods to the Corporate Debtor at its Noida and Pondicherry locations. The payment terms agreed upon were '60 days from the date of material receipt or invoice'. The Corporate Debtor failed to adhere to the payment terms. A meeting was held on 19.10.2018, where the total payable amount was agreed to be $1,221,974, to
…M/s. Schneider…
The corporate debtor…