The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jai Balaji Industries Limited (Operational Creditor) against BST Infratech Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. A settlement agreement was previously entered into between the parties, but the Corporate Debtor allegedly failed to adhere to its terms. The Operational Creditor then issued a demand notice and filed the current application after the Corporate Debtor failed to make payments as per the settlement agreement. The Corporate Debtor contested the application, arguing that a pre-existing dispute existed and
…Jai Balaji Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against BST Infratech Limited (Corporate Debtor) for default in payment of dues. The Operational Creditor and Corporate Debtor were engaged in the sale and purchase of billets and M.S. Scrap. The Operational Creditor raised 1017 invoices for supplies made to the Corporate Debtor between August 9, 2012, and March 6, 2017, totaling Rs. 25,34,86,791/-. After adjustments for supplies made by the Corporate Debtor to the Operational Creditor, a sum of Rs. 25,31,61,711/- remained due as of March 6, 2017. The Corporate Debtor failed to make the outstanding payments, leading the Operational Creditor to issue a notice under Section 8 of the IBC,
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Operational Creditor…
Operational Creditor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jai Balaji Industries Limited (Operational Creditor) against BST Infratech Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. A settlement agreement was previously entered into between the parties, but the Corporate Debtor allegedly failed to adhere to its terms. The Operational Creditor then issued a demand notice and filed the current application after the Corporate Debtor failed to make payments as per the settlement agreement. The Corporate Debtor contested the application, arguing that a pre-existing dispute existed and
…Jai Balaji Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against BST Infratech Limited (Corporate Debtor) for default in payment of dues. The Operational Creditor and Corporate Debtor were engaged in the sale and purchase of billets and M.S. Scrap. The Operational Creditor raised 1017 invoices for supplies made to the Corporate Debtor between August 9, 2012, and March 6, 2017, totaling Rs. 25,34,86,791/-. After adjustments for supplies made by the Corporate Debtor to the Operational Creditor, a sum of Rs. 25,31,61,711/- remained due as of March 6, 2017. The Corporate Debtor failed to make the outstanding payments, leading the Operational Creditor to issue a notice under Section 8 of the IBC,
…Operational Creditor…
Operational Creditor…