Asier Metals Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Polycab India Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs.2,78,70,157.22/-, arising from the supply of Aluminium Ingots. The Corporate Debtor disputed the debt, alleging that invoices were provisional, reconciliation was ongoing, and there were counterclaims for adjustments related to material shortages, detention, and demurrage.
Asier Metals Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against Polycab India Limited (Corporate Debtor).
The petition seeks initiation of CIRP for an alleged operational debt of Rs.2,78,70,157.22/-.
The debt arises principally from the supply of Aluminium Ingots.
The business relationship between the parties commenced in June 2020, with agreed payment terms of 100% advance against Purchase Orders.
Till March 2026, the Corporate Debtor made advance payments, but thereafter stopped, while the Operational Creditor continued to supply material against June 2026 Purchase Orders.
The date of default is stated to be 26.06.2026.
The Operational Creditor issued a statutory demand notice in Form-3 dated 06.08.2026.
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The commercial relationship between Asier…
The business relationship between Asier Metals…
Asier Metals Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Polycab India Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs.2,78,70,157.22/-, arising from the supply of Aluminium Ingots. The Corporate Debtor disputed the debt, alleging that invoices were provisional, reconciliation was ongoing, and there were counterclaims for adjustments related to material shortages, detention, and demurrage.
Asier Metals Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against Polycab India Limited (Corporate Debtor).
The petition seeks initiation of CIRP for an alleged operational debt of Rs.2,78,70,157.22/-.
The debt arises principally from the supply of Aluminium Ingots.
The business relationship between the parties commenced in June 2020, with agreed payment terms of 100% advance against Purchase Orders.
Till March 2026, the Corporate Debtor made advance payments, but thereafter stopped, while the Operational Creditor continued to supply material against June 2026 Purchase Orders.
The date of default is stated to be 26.06.2026.
The Operational Creditor issued a statutory demand notice in Form-3 dated 06.08.2026.
…The commercial relationship between Asier…
The business relationship between Asier Metals…