KBC Infrastructures Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shapoorji Pallonji and Company Private Limited, the Corporate Debtor, due to unpaid operational debt. The Operational Creditor claimed a default of Rs.1,55,97,574/- including interest, arising from the supply of materials. The Corporate Debtor contested the claim, citing discrepancies in invoices, lack of reconciliation of accounts, and disputes over interest. The Corporate Debtor argued that there was a pre-existing dispute and that the Operational Creditor had not given credit for various payments and debit notes.
KBC Infrastructures Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shapoorji Pallonji and Company Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for materials supplied, amounting to Rs.1,55,97,574/- including interest as of 30.09.2019. The Corporate Debtor argued that there were discrepancies in the invoices, that the Operational Creditor had not given credit for payments made, and that reconciliation of accounts was necessary. The Corporate Debtor also raised debit notes against the Operational Creditor. The Corporate Debtor made payments of Rs.10,00,000/- on
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Operational Creditor…
KBC Infrastructures Private Limited filed…
KBC Infrastructures Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shapoorji Pallonji and Company Private Limited, the Corporate Debtor, due to unpaid operational debt. The Operational Creditor claimed a default of Rs.1,55,97,574/- including interest, arising from the supply of materials. The Corporate Debtor contested the claim, citing discrepancies in invoices, lack of reconciliation of accounts, and disputes over interest. The Corporate Debtor argued that there was a pre-existing dispute and that the Operational Creditor had not given credit for various payments and debit notes.
KBC Infrastructures Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shapoorji Pallonji and Company Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for materials supplied, amounting to Rs.1,55,97,574/- including interest as of 30.09.2019. The Corporate Debtor argued that there were discrepancies in the invoices, that the Operational Creditor had not given credit for payments made, and that reconciliation of accounts was necessary. The Corporate Debtor also raised debit notes against the Operational Creditor. The Corporate Debtor made payments of Rs.10,00,000/- on
…Operational Creditor…
KBC Infrastructures Private Limited filed…