Simplex Castings Limited, the operational creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Titagarh Wagons Limited, the corporate debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid dues. The operational creditor claimed a default amount of Rs. 91,01,400 along with interest at 18% per annum from April 14, 2018. The corporate debtor argued that there was a pre-existing dispute and a larger claim against the operational creditor pending before the Mumbai Bench of NCLT.
Simplex Castings Limited (Operational Creditor) supplied CS Bogies to Titagarh Wagons Limited (Corporate Debtor) based on a purchase order dated September 25, 2017. Payment was to be made through a Letter of Credit (LoC). Three LoCs were opened, but the Corporate Debtor's bank refused to honor one LoC due to discrepancies. The Operational Creditor issued a notice dated October 31, 2018, seeking payment of Rs. 94,05,206 plus interest. The Corporate Debtor claimed cancellation of other purchase orders due to lack of inspection request forms and price escalation. The Corporate Debtor also initiated a separate proceeding against the Operational Creditor before the Mumbai Bench of NCLT. The total amount claimed in default by the Operational Creditor is Rs. 91,01,400/- along
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Titagarh Wagons Limited placed a purchase…
The date of default is…
Simplex Castings Limited, the operational creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Titagarh Wagons Limited, the corporate debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid dues. The operational creditor claimed a default amount of Rs. 91,01,400 along with interest at 18% per annum from April 14, 2018. The corporate debtor argued that there was a pre-existing dispute and a larger claim against the operational creditor pending before the Mumbai Bench of NCLT.
Simplex Castings Limited (Operational Creditor) supplied CS Bogies to Titagarh Wagons Limited (Corporate Debtor) based on a purchase order dated September 25, 2017. Payment was to be made through a Letter of Credit (LoC). Three LoCs were opened, but the Corporate Debtor's bank refused to honor one LoC due to discrepancies. The Operational Creditor issued a notice dated October 31, 2018, seeking payment of Rs. 94,05,206 plus interest. The Corporate Debtor claimed cancellation of other purchase orders due to lack of inspection request forms and price escalation. The Corporate Debtor also initiated a separate proceeding against the Operational Creditor before the Mumbai Bench of NCLT. The total amount claimed in default by the Operational Creditor is Rs. 91,01,400/- along
…Titagarh Wagons Limited placed a purchase…
The date of default is…