The case involves a petition filed by Power2SME Private Limited, the Operational Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against VHM Industries Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 2,38,24,697/-. The Corporate Debtor failed to appear before the Bench despite service of notice, leading to an ex-parte hearing.
Power2SME Private Limited, the Operational Creditor, filed a petition to initiate CIRP against VHM Industries Ltd, the Corporate Debtor, for an operational debt of Rs. 2,38,24,697/-. The Operational Creditor is in the business of supplying raw materials to SMEs. The Corporate Debtor placed orders for Cotton Fabrics and Fancy Suitings 5208, evidenced by purchase orders dated August 14 and 16, 2019. The Operational Creditor transported the materials to the Corporate Debtor, supported by E-Way Bills. The Corporate Debtor issued cheques towards discharging their liability, but two cheques were dishonored. The Corporate Debtor failed to comply with payment terms, leading the Operational Creditor to issue a demand notice on January 17, 2020, demanding Rs. 1,57,93,681/- plus
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P.O. No. 353…
P.O. No. 354…
The case involves a petition filed by Power2SME Private Limited, the Operational Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against VHM Industries Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 2,38,24,697/-. The Corporate Debtor failed to appear before the Bench despite service of notice, leading to an ex-parte hearing.
Power2SME Private Limited, the Operational Creditor, filed a petition to initiate CIRP against VHM Industries Ltd, the Corporate Debtor, for an operational debt of Rs. 2,38,24,697/-. The Operational Creditor is in the business of supplying raw materials to SMEs. The Corporate Debtor placed orders for Cotton Fabrics and Fancy Suitings 5208, evidenced by purchase orders dated August 14 and 16, 2019. The Operational Creditor transported the materials to the Corporate Debtor, supported by E-Way Bills. The Corporate Debtor issued cheques towards discharging their liability, but two cheques were dishonored. The Corporate Debtor failed to comply with payment terms, leading the Operational Creditor to issue a demand notice on January 17, 2020, demanding Rs. 1,57,93,681/- plus
…P.O. No. 353…
P.O. No. 354…