Hangzhou Sword Elevator Co. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Daulat Ram Engineering Services Pvt. Ltd. (Corporate Debtor) for an alleged operational debt of USD 522,170.00 (equivalent to Rs. 4,53,48,428.04). The debt arose from the supply of escalators under two contracts executed in 2017. The Corporate Debtor made an advance payment and subsequent part-payments, but a significant balance remained outstanding. A demand notice was issued in February 2022, to which the Corporate Debtor replied, raising various objections.
Hangzhou Sword Elevator Co. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC against Daulat Ram Engineering Services Pvt. Ltd. (Corporate Debtor).
The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) for an alleged operational debt of USD 522,170.00, equivalent to Rs. 4,53,48,428.04 (as on 12.02.2025).
The Operational Creditor manufactures and supplies elevators and escalators.
The Corporate Debtor undertakes engineering, supply, and installation contracts for Indian Railways.
The Corporate Debtor approached the Operational Creditor to purchase escalators on credit.
Two contracts were executed: Contract No. SWD 70522-70542 dated 10.01.2017 and Contract No. SWD 70521 dated 16.03.2017.
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Contract No. SWD 70522-70542 for supply of…
Contract No. SWD 70521 for supply of escalators…
Hangzhou Sword Elevator Co. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Daulat Ram Engineering Services Pvt. Ltd. (Corporate Debtor) for an alleged operational debt of USD 522,170.00 (equivalent to Rs. 4,53,48,428.04). The debt arose from the supply of escalators under two contracts executed in 2017. The Corporate Debtor made an advance payment and subsequent part-payments, but a significant balance remained outstanding. A demand notice was issued in February 2022, to which the Corporate Debtor replied, raising various objections.
Hangzhou Sword Elevator Co. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC against Daulat Ram Engineering Services Pvt. Ltd. (Corporate Debtor).
The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) for an alleged operational debt of USD 522,170.00, equivalent to Rs. 4,53,48,428.04 (as on 12.02.2025).
The Operational Creditor manufactures and supplies elevators and escalators.
The Corporate Debtor undertakes engineering, supply, and installation contracts for Indian Railways.
The Corporate Debtor approached the Operational Creditor to purchase escalators on credit.
Two contracts were executed: Contract No. SWD 70522-70542 dated 10.01.2017 and Contract No. SWD 70521 dated 16.03.2017.
…Contract No. SWD 70522-70542 for supply of…
Contract No. SWD 70521 for supply of escalators…