VSJ International Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VXL Software Solutions Private Limited, alleging a default in repayment of debt amounting to Rs. 1,20,00,000/- from 10.07.2023. The petitioner issued a purchase order for thin clients, paid an advance, and later cancelled the order, seeking a refund of the advance amount.
VSJ International Private Limited (Petitioner) issued a purchase order No. VSN/IND/12/004 dated 2022-03-25 for 400 thin clients at Rs. 20,500 each, totaling Rs. 96,76,000 including GST. The payment terms required the Petitioner to make a 50% advance payment upon invoice issuance. The Petitioner made an advance payment of Rs. 50,00,000 on 2022-03-25. The Petitioner issued multiple proforma invoices totaling Rs. 1,76,54,550. The Petitioner cancelled the purchase order on 2022-04-28 and requested a refund of Rs. 50,00,000. The Respondent refunded Rs. 30,00,000 on 2022-06-08. The Petitioner claimed a total outstanding amount of Rs. 1,20,00,000. The Petitioner issued a demand notice dated 2024-05-16, which was delivered on 2024-05-22, but received no reply. The Respondent
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Petitioner issued…
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VSJ International Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VXL Software Solutions Private Limited, alleging a default in repayment of debt amounting to Rs. 1,20,00,000/- from 10.07.2023. The petitioner issued a purchase order for thin clients, paid an advance, and later cancelled the order, seeking a refund of the advance amount.
VSJ International Private Limited (Petitioner) issued a purchase order No. VSN/IND/12/004 dated 2022-03-25 for 400 thin clients at Rs. 20,500 each, totaling Rs. 96,76,000 including GST. The payment terms required the Petitioner to make a 50% advance payment upon invoice issuance. The Petitioner made an advance payment of Rs. 50,00,000 on 2022-03-25. The Petitioner issued multiple proforma invoices totaling Rs. 1,76,54,550. The Petitioner cancelled the purchase order on 2022-04-28 and requested a refund of Rs. 50,00,000. The Respondent refunded Rs. 30,00,000 on 2022-06-08. The Petitioner claimed a total outstanding amount of Rs. 1,20,00,000. The Petitioner issued a demand notice dated 2024-05-16, which was delivered on 2024-05-22, but received no reply. The Respondent
…Petitioner issued…
Petitioner paid Rs.…