The Operational Creditor, M/s. Alloys & Metals (India), initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, Hindustan Paper Corporation Ltd., due to its inability to liquidate outstanding dues. The Corporate Debtor, a public sector undertaking, had placed two purchase orders for the supply of Grey Board. Goods were supplied, and invoices were raised accordingly. The Operational Creditor also deposited a security for due performance. Despite reminders, the Corporate Debtor failed to liquidate its liability, acknowledging it in letters dated 15.06.2017 & 23.06.2017. A demand notice was issued on 13.10.2017 under Section 8 of the Code.
M/s. Alloys & Metals (India), the Operational Creditor, filed a petition against Hindustan Paper Corporation Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, a public sector undertaking, placed two purchase orders for Grey Board. The Operational Creditor supplied goods and raised invoices. The total amount due was Rs. 98,28,001/-, including a security refund of Rs. 8,56,500/-. The Operational Creditor deposited Rs. 5 lakhs and Rs. 3,56,500/- as security for due performance. The Corporate Debtor acknowledged the outstanding liability in letters dated 15.06.2017 & 23.06.2017. A demand notice was issued on 13.10.2017. The Corporate Debtor claimed the petition was barred by limitation and filed by an
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Corporate Debtor placed…
Corporate Debtor placed…
The Operational Creditor, M/s. Alloys & Metals (India), initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, Hindustan Paper Corporation Ltd., due to its inability to liquidate outstanding dues. The Corporate Debtor, a public sector undertaking, had placed two purchase orders for the supply of Grey Board. Goods were supplied, and invoices were raised accordingly. The Operational Creditor also deposited a security for due performance. Despite reminders, the Corporate Debtor failed to liquidate its liability, acknowledging it in letters dated 15.06.2017 & 23.06.2017. A demand notice was issued on 13.10.2017 under Section 8 of the Code.
M/s. Alloys & Metals (India), the Operational Creditor, filed a petition against Hindustan Paper Corporation Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, a public sector undertaking, placed two purchase orders for Grey Board. The Operational Creditor supplied goods and raised invoices. The total amount due was Rs. 98,28,001/-, including a security refund of Rs. 8,56,500/-. The Operational Creditor deposited Rs. 5 lakhs and Rs. 3,56,500/- as security for due performance. The Corporate Debtor acknowledged the outstanding liability in letters dated 15.06.2017 & 23.06.2017. A demand notice was issued on 13.10.2017. The Corporate Debtor claimed the petition was barred by limitation and filed by an
…Corporate Debtor placed…
Corporate Debtor placed…