M/s. Salem Stainless Steel Suppliers Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Cooltech Containers Private Limited, the Corporate Debtor. The basis for the application was the Corporate Debtor's alleged default in paying an operational debt amounting to Rs. 63,30,267/-. Notice of the application was served to the Corporate Debtor, but no one appeared on their behalf, leading to an ex-parte hearing.
M/s. Salem Stainless Steel Suppliers Private Limited (Operational Creditor) claimed that M/s. Cooltech Containers Private Limited (Corporate Debtor) defaulted on an operational debt of Rs. 63,30,267/-. The Operational Creditor supplied steel material to the Corporate Debtor, and despite repeated reminders, the Corporate Debtor failed to pay the dues. A notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) was sent on 2019-05-22 to the Corporate Debtor, which was received. The Corporate Debtor raised a dispute regarding the quality of goods in their reply to the notice. The Adjudicating Authority noted that the goods were accepted and consumed. The Operational Creditor nominated Mr. Kedar Ramratan Laddha as the Interim Resolution Professional (IRP).
Sign in to view the parties.
A notice under Section 8 of the Insolvency and…
Hearing held…
M/s. Salem Stainless Steel Suppliers Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Cooltech Containers Private Limited, the Corporate Debtor. The basis for the application was the Corporate Debtor's alleged default in paying an operational debt amounting to Rs. 63,30,267/-. Notice of the application was served to the Corporate Debtor, but no one appeared on their behalf, leading to an ex-parte hearing.
M/s. Salem Stainless Steel Suppliers Private Limited (Operational Creditor) claimed that M/s. Cooltech Containers Private Limited (Corporate Debtor) defaulted on an operational debt of Rs. 63,30,267/-. The Operational Creditor supplied steel material to the Corporate Debtor, and despite repeated reminders, the Corporate Debtor failed to pay the dues. A notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) was sent on 2019-05-22 to the Corporate Debtor, which was received. The Corporate Debtor raised a dispute regarding the quality of goods in their reply to the notice. The Adjudicating Authority noted that the goods were accepted and consumed. The Operational Creditor nominated Mr. Kedar Ramratan Laddha as the Interim Resolution Professional (IRP).
A notice under Section 8 of the Insolvency and…
Hearing held…