Eastern Electrodes & Coke Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Impex Steel Limited, the Corporate Debtor, for failing to repay an outstanding operational debt of Rs. 35,70,396. The Corporate Debtor had placed purchase orders for electrode carbon paste, which was supplied by the Operational Creditor between April 1, 2014, and August 20, 2014. Despite repeated demands and a demand notice, the Corporate Debtor failed to repay the debt.
Eastern Electrodes & Coke Private Limited (Operational Creditor) supplied electrode carbon paste to Impex Steel Limited (Corporate Debtor) based on purchase orders placed by the latter. The total amount of materials supplied between April 1, 2014, and August 20, 2014, was Rs. 77,53,190. The Corporate Debtor made ad-hoc payments totaling Rs. 41,82,794 on various dates. An amount of Rs. 35,70,396 (Rs. 77,53,190 - Rs. 41,82,794) remained due from the Corporate Debtor. The Operational Creditor issued a demand notice dated December 14, 2017, under Section 8 of the I&B Code, 2016, read with Rule 5 of the I&B (Application to Adjudicating Authority) Rules, 2016, demanding payment of the unpaid operational debt. The Corporate Debtor acknowledged the outstanding debt
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Operational Creditor supplied electrode carbon…
Operational Creditor supplied electrode carbon…
Eastern Electrodes & Coke Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Impex Steel Limited, the Corporate Debtor, for failing to repay an outstanding operational debt of Rs. 35,70,396. The Corporate Debtor had placed purchase orders for electrode carbon paste, which was supplied by the Operational Creditor between April 1, 2014, and August 20, 2014. Despite repeated demands and a demand notice, the Corporate Debtor failed to repay the debt.
Eastern Electrodes & Coke Private Limited (Operational Creditor) supplied electrode carbon paste to Impex Steel Limited (Corporate Debtor) based on purchase orders placed by the latter. The total amount of materials supplied between April 1, 2014, and August 20, 2014, was Rs. 77,53,190. The Corporate Debtor made ad-hoc payments totaling Rs. 41,82,794 on various dates. An amount of Rs. 35,70,396 (Rs. 77,53,190 - Rs. 41,82,794) remained due from the Corporate Debtor. The Operational Creditor issued a demand notice dated December 14, 2017, under Section 8 of the I&B Code, 2016, read with Rule 5 of the I&B (Application to Adjudicating Authority) Rules, 2016, demanding payment of the unpaid operational debt. The Corporate Debtor acknowledged the outstanding debt
…Operational Creditor supplied electrode carbon…
Operational Creditor supplied electrode carbon…