The case involves an application filed by Hiralal Bhimjibhai Kumavat, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vasundhara Seamless Stainless Tubes Private Limited, the Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into a sale agreement dated 31.01.2019, where the Corporate Debtor agreed to sell machineries and scrap lying in the factory previously known as 'Choksi Tubes Company' for a sale consideration of Rs. 1 crore. The Operational Creditor paid Rs. 1 crore as advance, which is reflected in the Corporate Debtor's financial statements for the years 2018-19 to
…Hiralal Bhimjibhai Kumavat, the Operational Creditor, filed an application under Section 9 of the IBC against Vasundhara Seamless Stainless Tubes Private Limited, the Corporate Debtor, to initiate CIRP. The parties entered into a sale agreement on 31.01.2019, where the Corporate Debtor agreed to sell machineries and scrap for Rs. 1 crore. The Operational Creditor paid the full amount as advance, reflected in the Corporate Debtor's financial statements from 2018-19 to 2021-22. Despite receiving the full payment, the Corporate Debtor did not allow the Operational Creditor to lift the machineries and scrap, providing false excuses. The Operational Creditor sent multiple letters requesting the machineries/scrap or a refund. The last payment was made on 27.02.2019, with a
…Sign in to view the parties.
Parties entered into a sale agreement where…
Last payment of Rs. 40 lakhs was made, after…
The case involves an application filed by Hiralal Bhimjibhai Kumavat, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vasundhara Seamless Stainless Tubes Private Limited, the Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into a sale agreement dated 31.01.2019, where the Corporate Debtor agreed to sell machineries and scrap lying in the factory previously known as 'Choksi Tubes Company' for a sale consideration of Rs. 1 crore. The Operational Creditor paid Rs. 1 crore as advance, which is reflected in the Corporate Debtor's financial statements for the years 2018-19 to
…Hiralal Bhimjibhai Kumavat, the Operational Creditor, filed an application under Section 9 of the IBC against Vasundhara Seamless Stainless Tubes Private Limited, the Corporate Debtor, to initiate CIRP. The parties entered into a sale agreement on 31.01.2019, where the Corporate Debtor agreed to sell machineries and scrap for Rs. 1 crore. The Operational Creditor paid the full amount as advance, reflected in the Corporate Debtor's financial statements from 2018-19 to 2021-22. Despite receiving the full payment, the Corporate Debtor did not allow the Operational Creditor to lift the machineries and scrap, providing false excuses. The Operational Creditor sent multiple letters requesting the machineries/scrap or a refund. The last payment was made on 27.02.2019, with a
…Parties entered into a sale agreement where…
Last payment of Rs. 40 lakhs was made, after…