Anil Steels, an operational creditor, filed a petition under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, against A.D. Electro Steel Company Pvt. Ltd., the corporate debtor, for initiating the insolvency resolution process. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied as per purchase orders. The corporate debtor contested the claim, alleging that the goods supplied were not as per the specifications in the purchase orders and raised disputes regarding the quality of goods and the requirement for test certificates and guarantee certificates.
Anil Steels, the operational creditor, supplied alloy steels, plain and high carbon steel, SGI, and graded casting to A.D. Electro Steel Company Pvt. Ltd., the corporate debtor, based on purchase orders dated 29.10.2015, 21.12.2015, and 25.2.2016, valued at Rs. 56,94,977.00. Anil Steels issued invoices for these supplies. A.D. Electro Steel made initial payments totaling Rs. 4,44,782 against invoice no. M-50, followed by lumpsum payments of Rs. 10,00,000, Rs. 5,00,000, and Rs. 13,00,000. A cheque for Rs. 20,00,000 dated 10.05.2016 was dishonored with the endorsement 'Exceeds Arrangements'. Anil Steels served a legal notice dated 15.06.2016 under Section 138 of the Negotiable Instruments Act. A.D. Electro Steel failed to discharge the liability, leading Anil Steels to
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One of the purchase…
One of the purchase…
Anil Steels, an operational creditor, filed a petition under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, against A.D. Electro Steel Company Pvt. Ltd., the corporate debtor, for initiating the insolvency resolution process. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied as per purchase orders. The corporate debtor contested the claim, alleging that the goods supplied were not as per the specifications in the purchase orders and raised disputes regarding the quality of goods and the requirement for test certificates and guarantee certificates.
Anil Steels, the operational creditor, supplied alloy steels, plain and high carbon steel, SGI, and graded casting to A.D. Electro Steel Company Pvt. Ltd., the corporate debtor, based on purchase orders dated 29.10.2015, 21.12.2015, and 25.2.2016, valued at Rs. 56,94,977.00. Anil Steels issued invoices for these supplies. A.D. Electro Steel made initial payments totaling Rs. 4,44,782 against invoice no. M-50, followed by lumpsum payments of Rs. 10,00,000, Rs. 5,00,000, and Rs. 13,00,000. A cheque for Rs. 20,00,000 dated 10.05.2016 was dishonored with the endorsement 'Exceeds Arrangements'. Anil Steels served a legal notice dated 15.06.2016 under Section 138 of the Negotiable Instruments Act. A.D. Electro Steel failed to discharge the liability, leading Anil Steels to
…One of the purchase…
One of the purchase…