The case involves an application filed by Super Smelters Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Electro Poles Products Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor alleged that the Corporate Debtor defaulted in making payment of Rs. 9,79,752/-. The Corporate Debtor purchased raw materials (MS Black Pipe) from the Operational Creditor, who supplied goods as per invoices dated 09.04.2016, 23.04.2016, 09.05.2016, and 17.05.2016. The Corporate Debtor made a part payment of Rs. 3,92,540/-, leaving an outstanding amount of Rs. 14,12,200/-. The Operational Creditor claimed interest due to delayed payments. Some goods were
…Super Smelters Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Electro Poles Products Private Limited (Corporate Debtor) for initiating CIRP due to a default in payment. The Corporate Debtor purchased raw materials from the Operational Creditor, with invoices issued between April and May 2016. The Corporate Debtor made a part payment of Rs. 3,92,540/-, leaving an outstanding amount of Rs. 14,12,200/-. The Operational Creditor claimed interest due to delayed payments. Some goods were allegedly defective and lifted by the Operational Creditor, with their value adjusted. After adjustments, a sum of Rs. 9,79,752/- remained outstanding. A part payment of Rs. 2,00,000/- was made on 29.03.2017, leaving a
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Operational Creditor…
Operational Creditor…
The case involves an application filed by Super Smelters Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Electro Poles Products Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor alleged that the Corporate Debtor defaulted in making payment of Rs. 9,79,752/-. The Corporate Debtor purchased raw materials (MS Black Pipe) from the Operational Creditor, who supplied goods as per invoices dated 09.04.2016, 23.04.2016, 09.05.2016, and 17.05.2016. The Corporate Debtor made a part payment of Rs. 3,92,540/-, leaving an outstanding amount of Rs. 14,12,200/-. The Operational Creditor claimed interest due to delayed payments. Some goods were
…Super Smelters Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Electro Poles Products Private Limited (Corporate Debtor) for initiating CIRP due to a default in payment. The Corporate Debtor purchased raw materials from the Operational Creditor, with invoices issued between April and May 2016. The Corporate Debtor made a part payment of Rs. 3,92,540/-, leaving an outstanding amount of Rs. 14,12,200/-. The Operational Creditor claimed interest due to delayed payments. Some goods were allegedly defective and lifted by the Operational Creditor, with their value adjusted. After adjustments, a sum of Rs. 9,79,752/- remained outstanding. A part payment of Rs. 2,00,000/- was made on 29.03.2017, leaving a
…Operational Creditor…
Operational Creditor…