The case originates from a petition filed by ISMT Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Asmi Metal Products Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of Rs. 54,81,142 along with interest of Rs. 32,47,764. The Operational Creditor had previously filed a special summary suit for recovery of arrears. The Corporate Debtor had also filed applications to set aside the judgment and decree, which were rejected by the court.
ISMT Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against Asmi Metal Products Private Limited (Corporate Debtor) due to non-payment of Rs. 54,81,142 plus interest of Rs. 32,47,764. The Corporate Debtor was incorporated on 27.11.1986. The Operational Creditor had previously filed a special summary suit (No.56/2012) on 21.06.2012 for recovery of arrears. The Corporate Debtor failed to remit invoices despite reminders. The court passed a judgment and decree on 18.06.2013. The Corporate Debtor filed an application (M.A. No. 774/2014) to set aside the judgment, which was rejected on 20.10.2016. A review application (No.1179/2016) was also rejected on 27.04.2018. A demand notice in Form 3 was served on 06.06.2018. The
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Asmi Metal Products…
The date of default by…
The case originates from a petition filed by ISMT Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Asmi Metal Products Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of Rs. 54,81,142 along with interest of Rs. 32,47,764. The Operational Creditor had previously filed a special summary suit for recovery of arrears. The Corporate Debtor had also filed applications to set aside the judgment and decree, which were rejected by the court.
ISMT Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against Asmi Metal Products Private Limited (Corporate Debtor) due to non-payment of Rs. 54,81,142 plus interest of Rs. 32,47,764. The Corporate Debtor was incorporated on 27.11.1986. The Operational Creditor had previously filed a special summary suit (No.56/2012) on 21.06.2012 for recovery of arrears. The Corporate Debtor failed to remit invoices despite reminders. The court passed a judgment and decree on 18.06.2013. The Corporate Debtor filed an application (M.A. No. 774/2014) to set aside the judgment, which was rejected on 20.10.2016. A review application (No.1179/2016) was also rejected on 27.04.2018. A demand notice in Form 3 was served on 06.06.2018. The
…Asmi Metal Products…
The date of default by…