The case involves an application filed by Mr. Harshad Vandradas Vora, an Operational Creditor, against M/s. Fab Auto Parts Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for steel coils supplied between 14.02.2013 and 23.02.2013. Despite part-payments, a significant amount remained outstanding. The Operational Creditor issued a demand notice under Section 8 of the Code on 27.10.2017, which was received by the Corporate Debtor, but no reply or further payment was made.
Mr. Harshad Vandradas Vora, operating as M/s. Utakrsh Steel Corporation, supplied HR Steel Coils to M/s. Fab Auto Parts Private Limited between 14.02.2013 and 23.02.2013. Invoices totaling ₹13,67,016/- were raised for these supplies. The Corporate Debtor made part-payments totaling ₹3,20,000/- between 01.04.2015 and 25.08.2016. As of the date of the application, the total amount in default was ₹26,21,868/-, including a principal amount of ₹10,47,016/- and interest of ₹15,74,852/- at 30% p.a. A demand notice under Section 8 of the IBC was issued on 27.10.2017 and received by the Corporate Debtor, but no reply or further payment was made. The Corporate Debtor also failed to appear before the NCLT despite receiving notice of the hearing. The Operational Creditor filed
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Operational Creditor…
Operational Creditor…
The case involves an application filed by Mr. Harshad Vandradas Vora, an Operational Creditor, against M/s. Fab Auto Parts Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for steel coils supplied between 14.02.2013 and 23.02.2013. Despite part-payments, a significant amount remained outstanding. The Operational Creditor issued a demand notice under Section 8 of the Code on 27.10.2017, which was received by the Corporate Debtor, but no reply or further payment was made.
Mr. Harshad Vandradas Vora, operating as M/s. Utakrsh Steel Corporation, supplied HR Steel Coils to M/s. Fab Auto Parts Private Limited between 14.02.2013 and 23.02.2013. Invoices totaling ₹13,67,016/- were raised for these supplies. The Corporate Debtor made part-payments totaling ₹3,20,000/- between 01.04.2015 and 25.08.2016. As of the date of the application, the total amount in default was ₹26,21,868/-, including a principal amount of ₹10,47,016/- and interest of ₹15,74,852/- at 30% p.a. A demand notice under Section 8 of the IBC was issued on 27.10.2017 and received by the Corporate Debtor, but no reply or further payment was made. The Corporate Debtor also failed to appear before the NCLT despite receiving notice of the hearing. The Operational Creditor filed
…Operational Creditor…
Operational Creditor…