The Operational Creditor, Blue Stampings & Forgings Ltd., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, BMM Ispat Ltd. The Operational Creditor claimed that the Corporate Debtor failed to pay an outstanding amount of Rs. 1,86,16,733/- for the supply of 695.67 MT of round bars between December 22, 2016, and January 10, 2017. The Corporate Debtor contested the petition, alleging that the goods supplied were of substandard quality, causing them financial losses. They also claimed that the Operational Creditor had fabricated a letter to unauthorizedly invoke the Letter of Credit. The Adjudicating Authority considered the arguments of
…BMM Ispat Ltd. (Corporate Debtor) received a supply of 695.67 MT of round bars from Blue Stampings & Forgings Ltd. (Operational Creditor) between December 22, 2016, and January 10, 2017, for which Rs. 1,86,16,733/- remained unpaid. The Operational Creditor issued a notice under Section 8 of the IBC on November 20, 2017, which was returned unserved with the endorsement 'No such firm'. A second notice was issued on November 28, 2017, at the Corporate Debtor's plant. The Corporate Debtor claimed the supplied material was of poor quality, causing a loss of Rs. 1,81,384/- and issued a debit note in October 2016. The Corporate Debtor also alleged the Operational Creditor fabricated a letter to invoke the Letter of Credit unauthorizedly. The Corporate Debtor issued a
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Corporate Debtor issued a debit note for Rs.…
Operational Creditor…
The Operational Creditor, Blue Stampings & Forgings Ltd., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, BMM Ispat Ltd. The Operational Creditor claimed that the Corporate Debtor failed to pay an outstanding amount of Rs. 1,86,16,733/- for the supply of 695.67 MT of round bars between December 22, 2016, and January 10, 2017. The Corporate Debtor contested the petition, alleging that the goods supplied were of substandard quality, causing them financial losses. They also claimed that the Operational Creditor had fabricated a letter to unauthorizedly invoke the Letter of Credit. The Adjudicating Authority considered the arguments of
…BMM Ispat Ltd. (Corporate Debtor) received a supply of 695.67 MT of round bars from Blue Stampings & Forgings Ltd. (Operational Creditor) between December 22, 2016, and January 10, 2017, for which Rs. 1,86,16,733/- remained unpaid. The Operational Creditor issued a notice under Section 8 of the IBC on November 20, 2017, which was returned unserved with the endorsement 'No such firm'. A second notice was issued on November 28, 2017, at the Corporate Debtor's plant. The Corporate Debtor claimed the supplied material was of poor quality, causing a loss of Rs. 1,81,384/- and issued a debit note in October 2016. The Corporate Debtor also alleged the Operational Creditor fabricated a letter to invoke the Letter of Credit unauthorizedly. The Corporate Debtor issued a
…Corporate Debtor issued a debit note for Rs.…
Operational Creditor…