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 had defaulted on payments for the supply of TMT Bars, iron, and steel material. Empathy contested the application, arguing that a dispute existed regarding the debt due to ongoing litigation with POSCO E & C India Private Limited, with whom Empathy had an agreement for a construction project. Empathy claimed that Bhuleshwar was aware of this litigation and that POSCO was a necessary party to the proceedings.
Bhuleshwar Steel and Alloys Private Limited (Bhuleshwar) is an operational creditor engaged in the business of manufacturing, sales, and supply of TMT Bars, iron, and steel material. Empathy Infra and Engineering Private Limited (Empathy) is the corporate debtor. Bhuleshwar supplied steel material to Empathy based on purchase order No.EIEPL / POSCO / BSAPL / Niv-Hills / 14-15 / 007, dated 27.04.2015, amounting to Rs.27,10,967/-. Empathy made payments totaling Rs.19,00,000/-, leaving a balance of Rs.8,10,967/-. Bhuleshwar issued a demand notice dated 01.11.2017 to Empathy, which was duly served. Empathy did not provide any reply to the demand notice, nor did it raise any dispute regarding the unpaid operational debt. Empathy claimed that it had an agreement with POSCO E
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Empathy placed purchase order No.EIEPL /…
Bhuleshwar supplied material totaling…
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 had defaulted on payments for the supply of TMT Bars, iron, and steel material. Empathy contested the application, arguing that a dispute existed regarding the debt due to ongoing litigation with POSCO E & C India Private Limited, with whom Empathy had an agreement for a construction project. Empathy claimed that Bhuleshwar was aware of this litigation and that POSCO was a necessary party to the proceedings.
Bhuleshwar Steel and Alloys Private Limited (Bhuleshwar) is an operational creditor engaged in the business of manufacturing, sales, and supply of TMT Bars, iron, and steel material. Empathy Infra and Engineering Private Limited (Empathy) is the corporate debtor. Bhuleshwar supplied steel material to Empathy based on purchase order No.EIEPL / POSCO / BSAPL / Niv-Hills / 14-15 / 007, dated 27.04.2015, amounting to Rs.27,10,967/-. Empathy made payments totaling Rs.19,00,000/-, leaving a balance of Rs.8,10,967/-. Bhuleshwar issued a demand notice dated 01.11.2017 to Empathy, which was duly served. Empathy did not provide any reply to the demand notice, nor did it raise any dispute regarding the unpaid operational debt. Empathy claimed that it had an agreement with POSCO E
…Empathy placed purchase order No.EIEPL /…
Bhuleshwar supplied material totaling…