Teevra Impex Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Aadit Metal Trade Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to pay a sum of Rs. 32,32,708. The Operational Creditor had raised two invoices for the supply of TMT/Round Bars amounting to Rs. 85,76,908. The invoices became due after seven days, but the Operational Creditor agreed to an extended period of 60 days. Default started from 05.08.2019. The Corporate Debtor failed to pay the dues despite a final notice. The Corporate Debtor requested to withdraw the notice without any concrete proposal of payment.
Teevra Impex Private Limited (Operational Creditor) filed a petition against Aadit Metal Trade Private Limited (Corporate Debtor) under Section 9 of the IBC, seeking to initiate CIRP due to unpaid dues of Rs. 32,32,708. The debt arose from two invoices totaling Rs. 85,76,908 for the supply of TMT/Round Bars. The payment was initially due after seven days from the invoice date, but the Operational Creditor granted an extension of 60 days, making the default date 05.08.2019. Despite a final notice, the Corporate Debtor failed to make the payment and requested the Operational Creditor to withdraw the notice without offering any concrete payment proposal. The petition was filed on 13.12.2019. The Corporate Debtor acknowledged the liability in its reply to the demand notice
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Aadit Metal Trade…
Operational Creditor…
Teevra Impex Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Aadit Metal Trade Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to pay a sum of Rs. 32,32,708. The Operational Creditor had raised two invoices for the supply of TMT/Round Bars amounting to Rs. 85,76,908. The invoices became due after seven days, but the Operational Creditor agreed to an extended period of 60 days. Default started from 05.08.2019. The Corporate Debtor failed to pay the dues despite a final notice. The Corporate Debtor requested to withdraw the notice without any concrete proposal of payment.
Teevra Impex Private Limited (Operational Creditor) filed a petition against Aadit Metal Trade Private Limited (Corporate Debtor) under Section 9 of the IBC, seeking to initiate CIRP due to unpaid dues of Rs. 32,32,708. The debt arose from two invoices totaling Rs. 85,76,908 for the supply of TMT/Round Bars. The payment was initially due after seven days from the invoice date, but the Operational Creditor granted an extension of 60 days, making the default date 05.08.2019. Despite a final notice, the Corporate Debtor failed to make the payment and requested the Operational Creditor to withdraw the notice without offering any concrete payment proposal. The petition was filed on 13.12.2019. The Corporate Debtor acknowledged the liability in its reply to the demand notice
…Aadit Metal Trade…
Operational Creditor…