The case involves a Transfer Appeal (AT) filed against an order passed by the National Company Law Tribunal (NCLT), Hyderabad, which admitted a Section 9 application filed by AS Met Corp Pvt Ltd (Operational Creditor) against KLSR Infratech Ltd (Corporate Debtor). The appellant, Attluru Sreenivasulu Reddy, is the Suspended Director of KLSR Infratech Ltd.
KLSR Infratech Ltd. (Corporate Debtor) is engaged in contracting work related to rural water supply for over 25 years.
AS Met Corp Pvt. Ltd. (Operational Creditor) had been supplying goods to KLSR Infratech Ltd. since 2019.
The practice between the OC and the CD was to make payment against goods supplied by issuing Letter of Credit.
In December 2021, the CD noticed a huge outstanding of about Rs.16,86,80,746/- being shown as receivables and decided to stop procurement of raw materials.
The OC sent a Demand Notice on 31.05.2022 claiming Rs.3,79,06,143/-.
The CD replied to the Demand Notice on 15.06.2022, disputing the claim and alleging fictitious invoices and fraud.
The CD filed an FIR against the OC and other suppliers, alleging cheating and forgery.
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NCLT Hyderabad admitted Section 9 application…
Hon'ble Supreme Court passed an order in Writ…
The case involves a Transfer Appeal (AT) filed against an order passed by the National Company Law Tribunal (NCLT), Hyderabad, which admitted a Section 9 application filed by AS Met Corp Pvt Ltd (Operational Creditor) against KLSR Infratech Ltd (Corporate Debtor). The appellant, Attluru Sreenivasulu Reddy, is the Suspended Director of KLSR Infratech Ltd.
KLSR Infratech Ltd. (Corporate Debtor) is engaged in contracting work related to rural water supply for over 25 years.
AS Met Corp Pvt. Ltd. (Operational Creditor) had been supplying goods to KLSR Infratech Ltd. since 2019.
The practice between the OC and the CD was to make payment against goods supplied by issuing Letter of Credit.
In December 2021, the CD noticed a huge outstanding of about Rs.16,86,80,746/- being shown as receivables and decided to stop procurement of raw materials.
The OC sent a Demand Notice on 31.05.2022 claiming Rs.3,79,06,143/-.
The CD replied to the Demand Notice on 15.06.2022, disputing the claim and alleging fictitious invoices and fraud.
The CD filed an FIR against the OC and other suppliers, alleging cheating and forgery.
…NCLT Hyderabad admitted Section 9 application…
Hon'ble Supreme Court passed an order in Writ…