Bhuleshwar Steel and Alloys Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Empathy Infra and Engineering Private Limited. Bhuleshwar claimed that Empathy defaulted on payments for the supply of TMT Bars, iron, and steel material. Empathy argued that there was a pre-existing dispute regarding the quality of the supplied material and that POSCO, with whom Empathy had a project agreement, was a necessary party to the proceedings. The Adjudicating Authority considered the arguments and evidence presented by both parties.
Bhuleshwar Steel and Alloys Private Limited (Bhuleshwar) is engaged in the business of manufacturing, sales, and supply of TMT Bars, iron, and steel material. Empathy Infra and Engineering Private Limited (Empathy) placed a purchase order with Bhuleshwar for the supply of steel material. Bhuleshwar supplied material amounting to Rs. 27,10,967/- as per tax invoices. Empathy made payments totaling Rs. 19,00,000/-, leaving a balance of Rs. 8,10,967/-. Bhuleshwar issued a demand notice to Empathy, but no reply was received. Empathy claimed that there was a dispute regarding the quality of the supplied material and that POSCO E & C India Private Limited (POSCO), with whom Empathy had a project agreement, was a necessary party. Empathy argued that the project came under
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Empathy placed purchase order No.EIEPL /…
Bhuleshwar supplied material total amounting…
Bhuleshwar Steel and Alloys Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Empathy Infra and Engineering Private Limited. Bhuleshwar claimed that Empathy defaulted on payments for the supply of TMT Bars, iron, and steel material. Empathy argued that there was a pre-existing dispute regarding the quality of the supplied material and that POSCO, with whom Empathy had a project agreement, was a necessary party to the proceedings. The Adjudicating Authority considered the arguments and evidence presented by both parties.
Bhuleshwar Steel and Alloys Private Limited (Bhuleshwar) is engaged in the business of manufacturing, sales, and supply of TMT Bars, iron, and steel material. Empathy Infra and Engineering Private Limited (Empathy) placed a purchase order with Bhuleshwar for the supply of steel material. Bhuleshwar supplied material amounting to Rs. 27,10,967/- as per tax invoices. Empathy made payments totaling Rs. 19,00,000/-, leaving a balance of Rs. 8,10,967/-. Bhuleshwar issued a demand notice to Empathy, but no reply was received. Empathy claimed that there was a dispute regarding the quality of the supplied material and that POSCO E & C India Private Limited (POSCO), with whom Empathy had a project agreement, was a necessary party. Empathy argued that the project came under
…Empathy placed purchase order No.EIEPL /…
Bhuleshwar supplied material total amounting…