Maithan Ceramic Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fives Stein India Projects Pvt. Ltd., the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to repay Rs. 8,42,961/-, including interest, despite repeated demands. The application was filed due to this failure to repay the outstanding amount.
Maithan Ceramic Limited (Operational Creditor) supplied 'Castables and PCPF' to Fives Stein India Projects Pvt. Ltd. (Corporate Debtor) between December 2015 and September 2016 for a project at Bhilai Steel Plant. The Corporate Debtor placed purchase orders, and the Operational Creditor supplied the goods, raising 42 invoices. The Corporate Debtor accepted the goods without objection and made partial payments, maintaining a running account. However, the Corporate Debtor failed to pay Rs. 7,33,010/- in principal. The Operational Creditor issued demand notices, but the Corporate Debtor neglected to pay, only seeking time. The outstanding operational debt, including interest, amounted to Rs. 8,42,961/- as of November 1, 2016. The Operational Creditor filed an application
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The Corporate Debtor placed purchase orders…
The Corporate Debtor placed purchase orders…
Maithan Ceramic Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fives Stein India Projects Pvt. Ltd., the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to repay Rs. 8,42,961/-, including interest, despite repeated demands. The application was filed due to this failure to repay the outstanding amount.
Maithan Ceramic Limited (Operational Creditor) supplied 'Castables and PCPF' to Fives Stein India Projects Pvt. Ltd. (Corporate Debtor) between December 2015 and September 2016 for a project at Bhilai Steel Plant. The Corporate Debtor placed purchase orders, and the Operational Creditor supplied the goods, raising 42 invoices. The Corporate Debtor accepted the goods without objection and made partial payments, maintaining a running account. However, the Corporate Debtor failed to pay Rs. 7,33,010/- in principal. The Operational Creditor issued demand notices, but the Corporate Debtor neglected to pay, only seeking time. The outstanding operational debt, including interest, amounted to Rs. 8,42,961/- as of November 1, 2016. The Operational Creditor filed an application
…The Corporate Debtor placed purchase orders…
The Corporate Debtor placed purchase orders…