Mahavir Industrial Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against Hindustan Controls & Equipment Pvt. Ltd., the corporate debtor, due to unpaid operational debt.
Mahavir Industrial Corporation (Operational Creditor) claimed that Hindustan Controls & Equipment Pvt. Ltd. (Corporate Debtor) defaulted on payments for electrical and mechanical goods supplied during 2010-2011.
The Operational Creditor served a notice under Section 434 of the Companies Act, 1956, on April 24, 2013, for a sum of Rs. 41,43,217.12.
A winding-up proceeding was initiated before the Hon'ble High Court at Calcutta against the Corporate Debtor, being C.P. No. 516/2013.
The Hon'ble High Court directed the Corporate Debtor to pay Rs. 1 Lakh per month for 42 months, starting February 10, 2014.
The Corporate Debtor paid ten installments of Rs. 1 Lakh each and then stopped payment.
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Operational Creditor served a notice under…
A winding-up proceeding was initiated before…
Mahavir Industrial Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against Hindustan Controls & Equipment Pvt. Ltd., the corporate debtor, due to unpaid operational debt.
Mahavir Industrial Corporation (Operational Creditor) claimed that Hindustan Controls & Equipment Pvt. Ltd. (Corporate Debtor) defaulted on payments for electrical and mechanical goods supplied during 2010-2011.
The Operational Creditor served a notice under Section 434 of the Companies Act, 1956, on April 24, 2013, for a sum of Rs. 41,43,217.12.
A winding-up proceeding was initiated before the Hon'ble High Court at Calcutta against the Corporate Debtor, being C.P. No. 516/2013.
The Hon'ble High Court directed the Corporate Debtor to pay Rs. 1 Lakh per month for 42 months, starting February 10, 2014.
The Corporate Debtor paid ten installments of Rs. 1 Lakh each and then stopped payment.
…Operational Creditor served a notice under…
A winding-up proceeding was initiated before…