The application was filed by Mahavir Steel Industries Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vir Electro Engineering Private Limited, the Corporate Debtor. The Operational Creditor is in the business of manufacturing and selling mild steel flats, equal angles, channels, beams, etc. The Corporate Debtor is in the business of fabrication, galvanizing, spray painting, and metalizing of steel structures. The Operational Creditor supplied and delivered various goods to the Corporate Debtor as per orders placed from February 2020 to January 2022. Invoices became due after a 90-day credit period, with interest at 24% p.a. for delayed payments. The
…Mahavir Steel Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vir Electro Engineering Private Limited (Corporate Debtor). The Operational Creditor supplied goods to the Corporate Debtor from February 2020 to January 2022, with invoices due after 90 days. Interest at 24% p.a. was applicable for delayed payments. The Corporate Debtor's outstanding debt was Rs.1,49,37,590/- as of 16.04.2022. A Demand Notice was issued on 09.06.2022. The Corporate Debtor issued four cheques of Rs.25,00,000/- each, which were dishonoured. The Corporate Debtor did not appear during the proceedings. The Operational Creditor initially proposed Mr. Prakash V. Kukreja as IRP, then changed to Mr.
…Sign in to view the parties.
Operational Creditor supplied goods to…
Date of the last…
The application was filed by Mahavir Steel Industries Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vir Electro Engineering Private Limited, the Corporate Debtor. The Operational Creditor is in the business of manufacturing and selling mild steel flats, equal angles, channels, beams, etc. The Corporate Debtor is in the business of fabrication, galvanizing, spray painting, and metalizing of steel structures. The Operational Creditor supplied and delivered various goods to the Corporate Debtor as per orders placed from February 2020 to January 2022. Invoices became due after a 90-day credit period, with interest at 24% p.a. for delayed payments. The
…Mahavir Steel Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vir Electro Engineering Private Limited (Corporate Debtor). The Operational Creditor supplied goods to the Corporate Debtor from February 2020 to January 2022, with invoices due after 90 days. Interest at 24% p.a. was applicable for delayed payments. The Corporate Debtor's outstanding debt was Rs.1,49,37,590/- as of 16.04.2022. A Demand Notice was issued on 09.06.2022. The Corporate Debtor issued four cheques of Rs.25,00,000/- each, which were dishonoured. The Corporate Debtor did not appear during the proceedings. The Operational Creditor initially proposed Mr. Prakash V. Kukreja as IRP, then changed to Mr.
…Operational Creditor supplied goods to…
Date of the last…