The appeal arises from an order dated 26th September 2019, passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench, Mumbai, in Company Petition No. 343/I&BC/NCLT/MB/MAH/2019. The Adjudicating Authority admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Operational Creditor, Prabhat Steel Traders Pvt. Ltd., filed an application under Section 9 of the I&B Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Shree Sai Industries India Private Limited, for a total debt of Rs 5,97,09,566/-, including a principal amount of Rs 2,05,28,636.00 and interest at 21% p.a. until 30th November 2018, amounting to Rs 3,91,80,930.00/-. A demand notice was
…The Operational Creditor, Prabhat Steel Traders Pvt. Ltd., filed an application under Section 9 of the I&B Code to initiate CIRP against the Corporate Debtor, Shree Sai Industries India Private Limited, for a total debt of Rs 5,97,09,566/-. This amount included a principal of Rs 2,05,28,636.00 and interest at 21% p.a. until 30th November 2018, amounting to Rs 3,91,80,930.00/-. The demand notice was served on 09th June 2018. The Corporate Debtor failed to repay the amount. The tax invoice was dated 13th December 2011, with interest at 21% chargeable for delayed payments beyond 60 days. The Respondents/Applicant filed a balance confirmation letter dated 01st April 2017, showing the Corporate Debtor acknowledged a balance of Rs 2,05,28,636.05 as of 01st April 2017.
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The appeal arises from an order dated 26th September 2019, passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench, Mumbai, in Company Petition No. 343/I&BC/NCLT/MB/MAH/2019. The Adjudicating Authority admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Operational Creditor, Prabhat Steel Traders Pvt. Ltd., filed an application under Section 9 of the I&B Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Shree Sai Industries India Private Limited, for a total debt of Rs 5,97,09,566/-, including a principal amount of Rs 2,05,28,636.00 and interest at 21% p.a. until 30th November 2018, amounting to Rs 3,91,80,930.00/-. A demand notice was
…The Operational Creditor, Prabhat Steel Traders Pvt. Ltd., filed an application under Section 9 of the I&B Code to initiate CIRP against the Corporate Debtor, Shree Sai Industries India Private Limited, for a total debt of Rs 5,97,09,566/-. This amount included a principal of Rs 2,05,28,636.00 and interest at 21% p.a. until 30th November 2018, amounting to Rs 3,91,80,930.00/-. The demand notice was served on 09th June 2018. The Corporate Debtor failed to repay the amount. The tax invoice was dated 13th December 2011, with interest at 21% chargeable for delayed payments beyond 60 days. The Respondents/Applicant filed a balance confirmation letter dated 01st April 2017, showing the Corporate Debtor acknowledged a balance of Rs 2,05,28,636.05 as of 01st April 2017.
…Tax invoice is…
First date of…