The case involves an application to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Gandhar Oil Refinery (India) Limited (Operational Creditor) against Ankit Metal and Power Limited (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted on payments for the supply of coal between May 2015 and December 2015. The corporate debtor contended that there were pre-existing disputes regarding the quality of coal supplied and that the operational creditor had already adjusted a portion of the dues against the accounts of Gandhar Singapore Private Ltd, a subsidiary of the operational creditor. The corporate debtor also claimed that the operational creditor had written
…Gandhar Oil Refinery (India) Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ankit Metal and Power Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of coal between May 2015 and December 2015, amounting to Rs. 3,40,55,686/-. The Corporate Debtor contended that there were pre-existing disputes regarding the quality of coal supplied by Gandhar Global Singapore Pvt. Limited, a subsidiary of the Operational Creditor. The Corporate Debtor claimed that the coal was of inferior quality, leading to losses, and that adjustments were agreed upon. The Corporate Debtor also
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Operational creditor supplied coal to the…
A contract dated 10th April 2015 was entered…
The case involves an application to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Gandhar Oil Refinery (India) Limited (Operational Creditor) against Ankit Metal and Power Limited (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted on payments for the supply of coal between May 2015 and December 2015. The corporate debtor contended that there were pre-existing disputes regarding the quality of coal supplied and that the operational creditor had already adjusted a portion of the dues against the accounts of Gandhar Singapore Private Ltd, a subsidiary of the operational creditor. The corporate debtor also claimed that the operational creditor had written
…Gandhar Oil Refinery (India) Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ankit Metal and Power Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of coal between May 2015 and December 2015, amounting to Rs. 3,40,55,686/-. The Corporate Debtor contended that there were pre-existing disputes regarding the quality of coal supplied by Gandhar Global Singapore Pvt. Limited, a subsidiary of the Operational Creditor. The Corporate Debtor claimed that the coal was of inferior quality, leading to losses, and that adjustments were agreed upon. The Corporate Debtor also
…Operational creditor supplied coal to the…
A contract dated 10th April 2015 was entered…