The case originates from a petition filed by Gayatri Steels, an operational creditor, against Advance Power Controls Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Gayatri Steels sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Advance Power Controls Limited due to unpaid operational debt. The operational creditor claimed that the corporate debtor had defaulted on payments for goods supplied, leading to the filing of the petition before the National Company Law Tribunal (NCLT), New Delhi Bench.
Gayatri Steels, an operational creditor, filed a petition against Advance Power Controls Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Gayatri Steels claimed that Advance Power Controls Limited defaulted on payments for goods supplied. The corporate debtor placed various purchase orders with Gayatri Steels between May and July 2015 for the supply of shaper & section, CRCA Coils etc. Against these orders, Gayatri Steels supplied goods and raised invoices between June and August 2015. The last payment made by the corporate debtor was Rs. 1,00,000 on May 12, 2017. The outstanding dues against the corporate debtor amounted to Rs. 26,99,669, inclusive of interest. Gayatri Steels issued a demand notice under Section 8
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Corporate Debtor placed…
Corporate Debtor placed…
The case originates from a petition filed by Gayatri Steels, an operational creditor, against Advance Power Controls Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Gayatri Steels sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Advance Power Controls Limited due to unpaid operational debt. The operational creditor claimed that the corporate debtor had defaulted on payments for goods supplied, leading to the filing of the petition before the National Company Law Tribunal (NCLT), New Delhi Bench.
Gayatri Steels, an operational creditor, filed a petition against Advance Power Controls Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Gayatri Steels claimed that Advance Power Controls Limited defaulted on payments for goods supplied. The corporate debtor placed various purchase orders with Gayatri Steels between May and July 2015 for the supply of shaper & section, CRCA Coils etc. Against these orders, Gayatri Steels supplied goods and raised invoices between June and August 2015. The last payment made by the corporate debtor was Rs. 1,00,000 on May 12, 2017. The outstanding dues against the corporate debtor amounted to Rs. 26,99,669, inclusive of interest. Gayatri Steels issued a demand notice under Section 8
…Corporate Debtor placed…
Corporate Debtor placed…