M/s Arora Iron & Steel Rolling Mills Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s JKEW Forgings Limited due to failure to pay an outstanding operational debt of Rs. 1,06,76,044.80.
M/s Arora Iron & Steel Rolling Mills Private Limited (Operational Creditor) supplied alloy steel to M/s JKEW Forgings Limited (Corporate Debtor).
The Operational Creditor claimed an outstanding debt of Rs. 1,06,76,044.80 as of 23.07.2021.
The Corporate Debtor made partial payments but later defaulted on the remaining amount.
The Corporate Debtor issued post-dated cheques that were dishonored.
The Operational Creditor issued a demand notice on 10.09.2021.
The Corporate Debtor disputed the claim, alleging incorrect interest calculations and pre-existing disputes.
A settlement agreement was executed between the parties on 11.05.2022, but the settlement failed.
The Operational Creditor filed I.A. No. 216/2023 seeking revival of the petition, which was allowed on 12.03.2024.
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The present Application has been filed on…
The date of default as…
M/s Arora Iron & Steel Rolling Mills Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s JKEW Forgings Limited due to failure to pay an outstanding operational debt of Rs. 1,06,76,044.80.
M/s Arora Iron & Steel Rolling Mills Private Limited (Operational Creditor) supplied alloy steel to M/s JKEW Forgings Limited (Corporate Debtor).
The Operational Creditor claimed an outstanding debt of Rs. 1,06,76,044.80 as of 23.07.2021.
The Corporate Debtor made partial payments but later defaulted on the remaining amount.
The Corporate Debtor issued post-dated cheques that were dishonored.
The Operational Creditor issued a demand notice on 10.09.2021.
The Corporate Debtor disputed the claim, alleging incorrect interest calculations and pre-existing disputes.
A settlement agreement was executed between the parties on 11.05.2022, but the settlement failed.
The Operational Creditor filed I.A. No. 216/2023 seeking revival of the petition, which was allowed on 12.03.2024.
…The present Application has been filed on…
The date of default as…