The case involves an appeal against an order dated 20.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Bench-IV, New Delhi) in CP(IB) No.3151(ND)/2019. The Adjudicating Authority had dismissed an application filed by the Operational Creditor (Oyster Steel and Iron Pvt. Ltd.) under Section 9 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Brilliant Metals Private Limited). The Appellant, Oyster Steel and Iron Pvt. Ltd., claimed that the Corporate Debtor had purchased copper wire rods from them, and an amount of Rs.5,15,41,000/- remained unpaid out of total supplies worth Rs.10,58,62,877/-. The Appellant issued a demand notice under Section 8 of IBC
…Oyster Steel and Iron Pvt. Ltd. (Operational Creditor/Appellant) claimed that Brilliant Metals Private Limited (Corporate Debtor/Respondent) purchased copper wire rods from them. The Operational Creditor alleged that Rs.5,15,41,000/- remained unpaid out of total supplies worth Rs.10,58,62,877/-. The invoices for the outstanding dues pertained to the period 05.06.2015 to 30.06.2015. The credit period allowed to the Corporate Debtor was 120 days, and interest was levied @ 18% per annum on late payment. The Operational Creditor sent a demand notice under Section 8 of IBC on 06.09.2019. The Corporate Debtor replied on 24.09.2019, denying any liability. The Corporate Debtor argued that the invoices were provisional, not acknowledged, and the final amount was subject to
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The case involves an appeal against an order dated 20.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Bench-IV, New Delhi) in CP(IB) No.3151(ND)/2019. The Adjudicating Authority had dismissed an application filed by the Operational Creditor (Oyster Steel and Iron Pvt. Ltd.) under Section 9 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Brilliant Metals Private Limited). The Appellant, Oyster Steel and Iron Pvt. Ltd., claimed that the Corporate Debtor had purchased copper wire rods from them, and an amount of Rs.5,15,41,000/- remained unpaid out of total supplies worth Rs.10,58,62,877/-. The Appellant issued a demand notice under Section 8 of IBC
…Oyster Steel and Iron Pvt. Ltd. (Operational Creditor/Appellant) claimed that Brilliant Metals Private Limited (Corporate Debtor/Respondent) purchased copper wire rods from them. The Operational Creditor alleged that Rs.5,15,41,000/- remained unpaid out of total supplies worth Rs.10,58,62,877/-. The invoices for the outstanding dues pertained to the period 05.06.2015 to 30.06.2015. The credit period allowed to the Corporate Debtor was 120 days, and interest was levied @ 18% per annum on late payment. The Operational Creditor sent a demand notice under Section 8 of IBC on 06.09.2019. The Corporate Debtor replied on 24.09.2019, denying any liability. The Corporate Debtor argued that the invoices were provisional, not acknowledged, and the final amount was subject to
…Invoices for outstanding…
Corporate Debtor issued…