The case involves a Company Petition filed by Mr. Gangaprasad R. Tripathi, the Proprietor of Gold Ispat & Steel (Operational Creditor), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Budhale Engineer Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the Gold Rolled Coil supplied.
Mr. Gangaprasad R. Tripathi, proprietor of Gold Ispat & Steel, filed a company petition against Budhale Engineer Pvt. Ltd. seeking to initiate CIRP. The Operational Creditor supplied Gold Rolled Coil to the Corporate Debtor, raising eleven invoices totaling Rs. 79,10,024/-. The Corporate Debtor paid Rs. 9,29,390/-, leaving an outstanding amount of Rs. 1,06,83,342/-, including principal, debit notes, and interest calculated at 24% until 30/04/2019. The date of default was 29/09/2018. A demand notice dated 02/04/2019 was served on the Corporate Debtor, but no reply was received. The Corporate Debtor did not appear despite several opportunities given by the court. The Operational Creditor does not hold any security against the supply of services. The Corporate
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The date on which the Corporate Debtor…
The Operational Creditor sent a demand notice to…
The case involves a Company Petition filed by Mr. Gangaprasad R. Tripathi, the Proprietor of Gold Ispat & Steel (Operational Creditor), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Budhale Engineer Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the Gold Rolled Coil supplied.
Mr. Gangaprasad R. Tripathi, proprietor of Gold Ispat & Steel, filed a company petition against Budhale Engineer Pvt. Ltd. seeking to initiate CIRP. The Operational Creditor supplied Gold Rolled Coil to the Corporate Debtor, raising eleven invoices totaling Rs. 79,10,024/-. The Corporate Debtor paid Rs. 9,29,390/-, leaving an outstanding amount of Rs. 1,06,83,342/-, including principal, debit notes, and interest calculated at 24% until 30/04/2019. The date of default was 29/09/2018. A demand notice dated 02/04/2019 was served on the Corporate Debtor, but no reply was received. The Corporate Debtor did not appear despite several opportunities given by the court. The Operational Creditor does not hold any security against the supply of services. The Corporate
…The date on which the Corporate Debtor…
The Operational Creditor sent a demand notice to…