M/s.Peddington Chemical Industries (India), an operational creditor, filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.Aradhya Steel Private Limited, the corporate debtor, due to a default of Rs.24,29,998.60/-. The operational creditor supplied lubricants to the corporate debtor based on purchase orders, but the corporate debtor failed to make payments within the agreed 60-day credit period, despite repeated requests and a demand notice.
M/s.Peddington Chemical Industries (India) filed C.P. (IB) No. 227/BB/2019 under Section 9 of the IBC, 2016, against M/s.Aradhya Steel Private Limited, claiming a default of Rs.24,29,998.60/-. Peddington Chemical Industries supplied lubricants to Aradhya Steel based on purchase orders. Aradhya Steel failed to make payments within the agreed 60-day credit period. Peddington Chemical Industries issued a demand notice on 19.03.2019. Aradhya Steel admitted the debt but cited financial difficulties. Union Bank of India, a financial creditor, supported the CIRP initiation. Aradhya Steel's account was classified as a non-performing asset as of 31.03.2019. Other operational creditors of Aradhya Steel had also issued Form-3 notices. The Managing Director of Aradhya Steel had
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M/s.Aradhya St…
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M/s.Peddington Chemical Industries (India), an operational creditor, filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.Aradhya Steel Private Limited, the corporate debtor, due to a default of Rs.24,29,998.60/-. The operational creditor supplied lubricants to the corporate debtor based on purchase orders, but the corporate debtor failed to make payments within the agreed 60-day credit period, despite repeated requests and a demand notice.
M/s.Peddington Chemical Industries (India) filed C.P. (IB) No. 227/BB/2019 under Section 9 of the IBC, 2016, against M/s.Aradhya Steel Private Limited, claiming a default of Rs.24,29,998.60/-. Peddington Chemical Industries supplied lubricants to Aradhya Steel based on purchase orders. Aradhya Steel failed to make payments within the agreed 60-day credit period. Peddington Chemical Industries issued a demand notice on 19.03.2019. Aradhya Steel admitted the debt but cited financial difficulties. Union Bank of India, a financial creditor, supported the CIRP initiation. Aradhya Steel's account was classified as a non-performing asset as of 31.03.2019. Other operational creditors of Aradhya Steel had also issued Form-3 notices. The Managing Director of Aradhya Steel had
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Purchase…