This case involves an application filed by Marine Engineers (India) Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VASP Engineers Private Limited (Corporate Debtor) for the alleged default in repayment of an operational debt amounting to Rs. 11,39,676.63. The application was initially pending before Court-V of the Tribunal and later transferred to the current court. The Operational Creditor (OC) claimed that the Corporate Debtor (CD) failed to make full payment for the supply of goods under multiple Purchase Orders (POs).
Marine Electricals (India) Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VASP Engineers Private Limited, the Corporate Debtor (CD), for an alleged default in repayment of an operational debt of Rs. 11,39,676.63. The OC claimed that the CD issued Purchase Orders (POs) for the procurement of VCB (Vacuum Circuit Breaker) panels, which were duly delivered as per the agreed terms. The OC raised invoices against the respective amounts for the goods delivered. The CD made part-payments against the invoices, leaving outstanding amounts. The total outstanding principal amount was Rs. 7,56,413, with an additional interest amount of Rs.
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PO Ref: V/POMV/15-16/12…
PO Ref: V/POMV/15-16/14…
This case involves an application filed by Marine Engineers (India) Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VASP Engineers Private Limited (Corporate Debtor) for the alleged default in repayment of an operational debt amounting to Rs. 11,39,676.63. The application was initially pending before Court-V of the Tribunal and later transferred to the current court. The Operational Creditor (OC) claimed that the Corporate Debtor (CD) failed to make full payment for the supply of goods under multiple Purchase Orders (POs).
Marine Electricals (India) Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VASP Engineers Private Limited, the Corporate Debtor (CD), for an alleged default in repayment of an operational debt of Rs. 11,39,676.63. The OC claimed that the CD issued Purchase Orders (POs) for the procurement of VCB (Vacuum Circuit Breaker) panels, which were duly delivered as per the agreed terms. The OC raised invoices against the respective amounts for the goods delivered. The CD made part-payments against the invoices, leaving outstanding amounts. The total outstanding principal amount was Rs. 7,56,413, with an additional interest amount of Rs.
…PO Ref: V/POMV/15-16/12…
PO Ref: V/POMV/15-16/14…