The case involves a petition filed by Power2SME Private Limited, the Operational Creditor, to initiate the 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. The Operational Creditor provided evidence of purchase orders, E-Way Bills, and a demand notice served to the Corporate Debtor. The Corporate Debtor had also sent an email confirming their debt.
Power2SME Private Limited, an Operational Creditor, filed a petition to initiate CIRP against VHM Industries Ltd, a 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. Purchase orders were raised on credit basis. P.O. No. 353 dated 2019-08-14 for Qty. 31635 mtrs. amounted to Rs. 50,00,823/-, P.O. No. 354 dated 2019-08-16 for Qty. 30864 mtrs. amounted to Rs. 49,11,471/-, and P.O. No. 355 dated 2019-08-16 for Qty. 32024 mtrs. amounted to Rs 49,94,818/-. The Operational Creditor transported the materials to the Corporate Debtor, evidenced by E-Way Bills. The Corporate Debtor issued cheques towards
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Purchase Order No. 353 was issued for Qty.…
Purchase Order No. 354 was issued for Qty.…
The case involves a petition filed by Power2SME Private Limited, the Operational Creditor, to initiate the 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. The Operational Creditor provided evidence of purchase orders, E-Way Bills, and a demand notice served to the Corporate Debtor. The Corporate Debtor had also sent an email confirming their debt.
Power2SME Private Limited, an Operational Creditor, filed a petition to initiate CIRP against VHM Industries Ltd, a 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. Purchase orders were raised on credit basis. P.O. No. 353 dated 2019-08-14 for Qty. 31635 mtrs. amounted to Rs. 50,00,823/-, P.O. No. 354 dated 2019-08-16 for Qty. 30864 mtrs. amounted to Rs. 49,11,471/-, and P.O. No. 355 dated 2019-08-16 for Qty. 32024 mtrs. amounted to Rs 49,94,818/-. The Operational Creditor transported the materials to the Corporate Debtor, evidenced by E-Way Bills. The Corporate Debtor issued cheques towards
…Purchase Order No. 353 was issued for Qty.…
Purchase Order No. 354 was issued for Qty.…