The case involves an application filed by Swastika Steel & Allied Products Private Ltd., an operational creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Benzfab Technologies Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in paying an outstanding amount for materials supplied. The corporate debtor contested the application, alleging that the materials supplied were not as per the agreed rates and specifications. The NCLT considered the submissions of both parties and the documents on record.
Swastika Steel & Allied Products Private Ltd., an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Benzfab Technologies Private Limited, the corporate debtor. The operational creditor claimed that it supplied materials to the corporate debtor for Rs. 14,18,242, out of which Rs. 2,58,398 was paid in advance, leaving an outstanding of Rs. 11,59,843. The operational creditor also claimed interest at 18%. The corporate debtor received a demand notice but did not reply. The operational creditor produced a copy of the invoice, demand notice, affidavit, and certificate in compliance with Section 9(3) of the Code. The corporate debtor contended that
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Invoice No.SSAP/M/2017-1…
Materials were…
The case involves an application filed by Swastika Steel & Allied Products Private Ltd., an operational creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Benzfab Technologies Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in paying an outstanding amount for materials supplied. The corporate debtor contested the application, alleging that the materials supplied were not as per the agreed rates and specifications. The NCLT considered the submissions of both parties and the documents on record.
Swastika Steel & Allied Products Private Ltd., an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Benzfab Technologies Private Limited, the corporate debtor. The operational creditor claimed that it supplied materials to the corporate debtor for Rs. 14,18,242, out of which Rs. 2,58,398 was paid in advance, leaving an outstanding of Rs. 11,59,843. The operational creditor also claimed interest at 18%. The corporate debtor received a demand notice but did not reply. The operational creditor produced a copy of the invoice, demand notice, affidavit, and certificate in compliance with Section 9(3) of the Code. The corporate debtor contended that
…Invoice No.SSAP/M/2017-1…
Materials were…