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, an 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. Purchase orders were dated 29.10.2015, 21.12.2015, and 25.2.2016, valuing the supplies at Rs. 56,94,977.00. The corporate debtor made some payments totaling Rs. 19,44,782, including Rs. 4,44,782 on 15.01.2016, Rs. 10 lakhs and Rs. 5 lakhs on 22.02.2016. A cheque for Rs. 20 lakhs issued by the corporate debtor was dishonored with the endorsement "Exceeds Arrangements". The operational creditor served a legal notice dated 15.06.2016 under Section 138 of the Negotiable Instruments Act. The corporate debtor failed to discharge the entire liability, leading the operational creditor to issue
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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, an 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. Purchase orders were dated 29.10.2015, 21.12.2015, and 25.2.2016, valuing the supplies at Rs. 56,94,977.00. The corporate debtor made some payments totaling Rs. 19,44,782, including Rs. 4,44,782 on 15.01.2016, Rs. 10 lakhs and Rs. 5 lakhs on 22.02.2016. A cheque for Rs. 20 lakhs issued by the corporate debtor was dishonored with the endorsement "Exceeds Arrangements". The operational creditor served a legal notice dated 15.06.2016 under Section 138 of the Negotiable Instruments Act. The corporate debtor failed to discharge the entire liability, leading the operational creditor to issue
…One of the pu…
One of the pu…