M/s. Paower-Tech Engineers, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Wellous Pharma Private Limited, the corporate debtor, for a claimed debt of Rs. 8,18,692/-. The operational creditor alleged that the corporate debtor defaulted in honoring invoices for electrical material and related services provided between 05.02.2018 and 11.09.2018. The corporate debtor contested the application, asserting a pre-existing dispute and deficiencies in the operational creditor's work.
M/s. Paower-Tech Engineers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Wellous Pharma Private Limited (Corporate Debtor) for a debt of Rs. 8,18,692/-. The debt included interest of Rs. 1,60,094/- as of 11.10.2018. The Operational Creditor claimed the Corporate Debtor defaulted on invoices for electrical material and services provided between 05.02.2018 and 11.09.2018. The Corporate Debtor argued a pre-existing dispute, citing failure to perform agreed-upon electrical work, deficiencies raised by the Electrical Inspector (letter dated 02.02.2018), and pending works listed in an email dated 02.04.2018. The Corporate Debtor also claimed the Operational Creditor failed to obtain CEA
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M/s. Paower-Tech Engineers, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Wellous Pharma Private Limited, the corporate debtor, for a claimed debt of Rs. 8,18,692/-. The operational creditor alleged that the corporate debtor defaulted in honoring invoices for electrical material and related services provided between 05.02.2018 and 11.09.2018. The corporate debtor contested the application, asserting a pre-existing dispute and deficiencies in the operational creditor's work.
M/s. Paower-Tech Engineers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Wellous Pharma Private Limited (Corporate Debtor) for a debt of Rs. 8,18,692/-. The debt included interest of Rs. 1,60,094/- as of 11.10.2018. The Operational Creditor claimed the Corporate Debtor defaulted on invoices for electrical material and services provided between 05.02.2018 and 11.09.2018. The Corporate Debtor argued a pre-existing dispute, citing failure to perform agreed-upon electrical work, deficiencies raised by the Electrical Inspector (letter dated 02.02.2018), and pending works listed in an email dated 02.04.2018. The Corporate Debtor also claimed the Operational Creditor failed to obtain CEA
…Date of the purchase…
Date of the letter from the Electrical…
Sign in to view related legal provisions.