This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Prism Johnson Limited, RMC (India) Division (Operational Creditor), against Simplex Infrastructure Limited (Corporate Debtor). The Operational Creditor sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, claiming a default amount of Rs. 3,67,70,249/-. The claim was based on invoices raised for a 'shortfall claim' from September 2018 to November 2018, alleging that the Corporate Debtor failed to lift the agreed quantity of material as per the contract. The Corporate Debtor contested the application, arguing that the claim did not qualify as an 'operational debt' and that there were pre-existing disputes regarding
…Prism Johnson Limited, RMC (India) Division, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Simplex Infrastructure Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 3,67,70,249/-, based on invoices raised for a 'shortfall claim' from September 2018 to November 2018. These claims arose from the Corporate Debtor allegedly failing to lift the agreed quantity of material as per the work order dated April 24, 2018. The work order stipulated a minimum assured quantity of concrete to be purchased by the Corporate Debtor, with compensation payable to the Operational Creditor for any shortfall. The
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This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Prism Johnson Limited, RMC (India) Division (Operational Creditor), against Simplex Infrastructure Limited (Corporate Debtor). The Operational Creditor sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, claiming a default amount of Rs. 3,67,70,249/-. The claim was based on invoices raised for a 'shortfall claim' from September 2018 to November 2018, alleging that the Corporate Debtor failed to lift the agreed quantity of material as per the contract. The Corporate Debtor contested the application, arguing that the claim did not qualify as an 'operational debt' and that there were pre-existing disputes regarding
…Prism Johnson Limited, RMC (India) Division, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Simplex Infrastructure Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 3,67,70,249/-, based on invoices raised for a 'shortfall claim' from September 2018 to November 2018. These claims arose from the Corporate Debtor allegedly failing to lift the agreed quantity of material as per the work order dated April 24, 2018. The work order stipulated a minimum assured quantity of concrete to be purchased by the Corporate Debtor, with compensation payable to the Operational Creditor for any shortfall. The
…Hearing was co…
Order was prono…