Ashok Kumar Sharma, the proprietor of Alloysmin Industries, filed a petition as an Operational Creditor against Jai Sai Ram Steel Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to the respondent company's inability to liquidate its debts. The Operational Creditor claimed to have supplied various goods, including silicon, ferro silicon, manganese metal, and copper ingots, to the Corporate Debtor on credit. Part payments were made, and a running account was maintained for the financial dealings. The Corporate Debtor allegedly defaulted on payments, leading to the filing of the petition.
Ashok Kumar Sharma, proprietor of Alloysmin Industries, is the Operational Creditor. Jai Sai Ram Steel Pvt. Ltd. is the Corporate Debtor. The Operational Creditor supplied goods like silicon, ferro silicon, manganese metal, and copper ingots to the Corporate Debtor on credit. The Corporate Debtor made part payments, and a running account was maintained. The Corporate Debtor defaulted on payments totaling Rs. 4,97,699/-. The Operational Creditor issued a Demand Notice dated 2019-03-02 under Section 8 of the IBC, which was not replied to. The outstanding amounts under unpaid invoices are detailed, including invoices from both Ghaziabad and Gurgaon divisions. The Corporate Debtor failed to appear after being served notice of the proceedings.
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The Operational Creditor issued a Demand Notice…
The National Company Law Tribunal admitted…
Ashok Kumar Sharma, the proprietor of Alloysmin Industries, filed a petition as an Operational Creditor against Jai Sai Ram Steel Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to the respondent company's inability to liquidate its debts. The Operational Creditor claimed to have supplied various goods, including silicon, ferro silicon, manganese metal, and copper ingots, to the Corporate Debtor on credit. Part payments were made, and a running account was maintained for the financial dealings. The Corporate Debtor allegedly defaulted on payments, leading to the filing of the petition.
Ashok Kumar Sharma, proprietor of Alloysmin Industries, is the Operational Creditor. Jai Sai Ram Steel Pvt. Ltd. is the Corporate Debtor. The Operational Creditor supplied goods like silicon, ferro silicon, manganese metal, and copper ingots to the Corporate Debtor on credit. The Corporate Debtor made part payments, and a running account was maintained. The Corporate Debtor defaulted on payments totaling Rs. 4,97,699/-. The Operational Creditor issued a Demand Notice dated 2019-03-02 under Section 8 of the IBC, which was not replied to. The outstanding amounts under unpaid invoices are detailed, including invoices from both Ghaziabad and Gurgaon divisions. The Corporate Debtor failed to appear after being served notice of the proceedings.
The Operational Creditor issued a Demand Notice…
The National Company Law Tribunal admitted…