Kay Bee Foundry Services Private Limited, the Operational Creditor (OC), filed a Company Petition (CP (IB) No. 3598/MB/2019) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Tough Casting Private Limited, the Corporate Debtor (CD), for initiating Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The OC claimed a default amount of Rs. 29,94,404/-, comprising principal and interest, based on unpaid invoices for goods supplied to the CD between August 2018 and April 2019. The CD failed to make payments despite issuing post-dated cheques that were dishonored. The OC issued a demand notice under Section 8 of the IBC, to which the CD responded by admitting the debt but failing to fulfill its payment promises.
Kay Bee Foundry Services Private Limited (Operational Creditor) supplied goods to Tough Casting Private Limited (Corporate Debtor) based on purchase orders issued between August 30, 2018, and April 14, 2019. Invoices were raised from September 15, 2018, to April 20, 2019. The total default amount was Rs. 29,94,404/-, including a principal amount of Rs. 26,61,526/- and interest of Rs. 3,32,878/- calculated at 18% per annum from October 15, 2018, to September 30, 2019. The Corporate Debtor issued post-dated cheques (PDCs) which were dishonored due to insufficient funds. The Operational Creditor issued a demand notice on June 19, 2019, under Section 8 of the IBC. The Corporate Debtor, in its reply dated June 22, 2019, admitted the debt and promised payment by August 31,
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Corporate Debtor issued purchase orders to…
Operational Creditor…
Kay Bee Foundry Services Private Limited, the Operational Creditor (OC), filed a Company Petition (CP (IB) No. 3598/MB/2019) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Tough Casting Private Limited, the Corporate Debtor (CD), for initiating Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The OC claimed a default amount of Rs. 29,94,404/-, comprising principal and interest, based on unpaid invoices for goods supplied to the CD between August 2018 and April 2019. The CD failed to make payments despite issuing post-dated cheques that were dishonored. The OC issued a demand notice under Section 8 of the IBC, to which the CD responded by admitting the debt but failing to fulfill its payment promises.
Kay Bee Foundry Services Private Limited (Operational Creditor) supplied goods to Tough Casting Private Limited (Corporate Debtor) based on purchase orders issued between August 30, 2018, and April 14, 2019. Invoices were raised from September 15, 2018, to April 20, 2019. The total default amount was Rs. 29,94,404/-, including a principal amount of Rs. 26,61,526/- and interest of Rs. 3,32,878/- calculated at 18% per annum from October 15, 2018, to September 30, 2019. The Corporate Debtor issued post-dated cheques (PDCs) which were dishonored due to insufficient funds. The Operational Creditor issued a demand notice on June 19, 2019, under Section 8 of the IBC. The Corporate Debtor, in its reply dated June 22, 2019, admitted the debt and promised payment by August 31,
…Corporate Debtor issued purchase orders to…
Operational Creditor…