Agarwal Coal Corporation Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Impex Ferro Tech Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of steam coal. The corporate debtor disputed the claim, alleging that the amount was not due and that there was a pre-existing dispute regarding the quality of goods and the absence of signatures on invoices.
Agarwal Coal Corporation Private Limited (Operational Creditor) supplied steam coal to Impex Ferro Tech Limited (Corporate Debtor) on June 10th and 15th, 2016, totaling 135.890 MT and 92.730 MT, respectively. The agreed rates were Rs. 2,761 and Rs. 2,724 per MT, plus 5% VAT. Two invoices were raised for a total of Rs. 672,142.80. The Corporate Debtor made a partial payment of Rs. 349,281.66, leaving a balance of Rs. 322,861.14. The Operational Creditor issued a demand notice on April 13th, 2017, under Section 8(1) of the IBC. The Corporate Debtor replied on April 26th, 2017, disputing the claim, stating the amount was incorrect, invoices lacked signatures, and the purchase agreement provided for arbitration. The Operational Creditor filed a supplementary affidavit with
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Agarwal Coal Corporation…
Agarwal Coal Corporation…
Agarwal Coal Corporation Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Impex Ferro Tech Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of steam coal. The corporate debtor disputed the claim, alleging that the amount was not due and that there was a pre-existing dispute regarding the quality of goods and the absence of signatures on invoices.
Agarwal Coal Corporation Private Limited (Operational Creditor) supplied steam coal to Impex Ferro Tech Limited (Corporate Debtor) on June 10th and 15th, 2016, totaling 135.890 MT and 92.730 MT, respectively. The agreed rates were Rs. 2,761 and Rs. 2,724 per MT, plus 5% VAT. Two invoices were raised for a total of Rs. 672,142.80. The Corporate Debtor made a partial payment of Rs. 349,281.66, leaving a balance of Rs. 322,861.14. The Operational Creditor issued a demand notice on April 13th, 2017, under Section 8(1) of the IBC. The Corporate Debtor replied on April 26th, 2017, disputing the claim, stating the amount was incorrect, invoices lacked signatures, and the purchase agreement provided for arbitration. The Operational Creditor filed a supplementary affidavit with
…Agarwal Coal Corporation…
Agarwal Coal Corporation…