The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Worldwide Metals Pvt. Ltd. (Operational Creditor) against M/s J.P. Engineers Pvt. Ltd. (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on payments for the supply of Aluminum Ingots and Wire Rods. The Corporate Debtor disputes the claim, alleging that the supplies were based on oral instructions without written purchase orders and that payments were made on behalf of the Operational Creditor to other entities, thereby nullifying the liability.
M/s Worldwide Metals Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s J.P. Engineers Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for Aluminum Ingots and Wire Rods supplied between 06.12.2017 and 16.04.2018. The total amount of unpaid invoices was Rs. 16,18,18,265, for which a demand notice was sent on 27.10.2018. The Corporate Debtor argued that the supplies were based on oral instructions, without written purchase orders, and that payments were made to Oyster and Iron Private Limited, Simla Holdings, and Olympus Metal Private Limited on behalf of the Operational
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Operational Creditor sent a Demand Notice to…
Corporate Debtor replied to the Demand…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Worldwide Metals Pvt. Ltd. (Operational Creditor) against M/s J.P. Engineers Pvt. Ltd. (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on payments for the supply of Aluminum Ingots and Wire Rods. The Corporate Debtor disputes the claim, alleging that the supplies were based on oral instructions without written purchase orders and that payments were made on behalf of the Operational Creditor to other entities, thereby nullifying the liability.
M/s Worldwide Metals Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s J.P. Engineers Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for Aluminum Ingots and Wire Rods supplied between 06.12.2017 and 16.04.2018. The total amount of unpaid invoices was Rs. 16,18,18,265, for which a demand notice was sent on 27.10.2018. The Corporate Debtor argued that the supplies were based on oral instructions, without written purchase orders, and that payments were made to Oyster and Iron Private Limited, Simla Holdings, and Olympus Metal Private Limited on behalf of the Operational
…Operational Creditor sent a Demand Notice to…
Corporate Debtor replied to the Demand…