German Solar Asia Pte Ltd filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Zytech Solar India Private Limited for non-payment of an operational debt amounting to INR 2,79,15,771.47 as of June 21, 2023. The Operational Creditor claimed to have supplied solar cells based on oral requests from the Corporate Debtor, with payments agreed to be either in advance or on the invoice date. The Corporate Debtor allegedly failed to make payments for supplies since 2019.
German Solar Asia Pte Ltd (Operational Creditor) filed a petition against Zytech Solar India Private Limited (Corporate Debtor) under Section 9 of the IBC, claiming non-payment of INR 2,79,15,771.47 as of 21.06.2023 for supplied solar cells. The Operational Creditor and Corporate Debtor maintained a running account since 2017 based on oral requests. The Corporate Debtor failed to make payments since 2019. The Operational Creditor sent an email on 16.12.2021 requesting payment, to which the Corporate Debtor acknowledged the debt and offered to settle for USD 50,000, which was rejected. A demand notice under Section 8 of the IBC was issued on 21.08.2023. The Corporate Debtor replied on 21.09.2023, denying pending dues but admitting that complete payment for invoice
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Corporate Debtor approached Operational…
Corporate Debtor failed…
German Solar Asia Pte Ltd filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Zytech Solar India Private Limited for non-payment of an operational debt amounting to INR 2,79,15,771.47 as of June 21, 2023. The Operational Creditor claimed to have supplied solar cells based on oral requests from the Corporate Debtor, with payments agreed to be either in advance or on the invoice date. The Corporate Debtor allegedly failed to make payments for supplies since 2019.
German Solar Asia Pte Ltd (Operational Creditor) filed a petition against Zytech Solar India Private Limited (Corporate Debtor) under Section 9 of the IBC, claiming non-payment of INR 2,79,15,771.47 as of 21.06.2023 for supplied solar cells. The Operational Creditor and Corporate Debtor maintained a running account since 2017 based on oral requests. The Corporate Debtor failed to make payments since 2019. The Operational Creditor sent an email on 16.12.2021 requesting payment, to which the Corporate Debtor acknowledged the debt and offered to settle for USD 50,000, which was rejected. A demand notice under Section 8 of the IBC was issued on 21.08.2023. The Corporate Debtor replied on 21.09.2023, denying pending dues but admitting that complete payment for invoice
…Corporate Debtor approached Operational…
Corporate Debtor failed…