M/s B.B. Steels Pvt. Ltd., through its Director Mr. P.K. Gupta, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jai Sai Ram Steel Pvt. Ltd. The petition was filed due to an alleged default in payment by the Corporate Debtor to the Operational Creditor.
M/s B.B. Steels Pvt. Ltd., acting as the Operational Creditor through its director Mr. P.K. Gupta, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jai Sai Ram Steel Pvt. Ltd., the Corporate Debtor, due to alleged payment defaults. However, the NCLT bench noted that a CIRP had already been initiated against M/s Jai Sai Ram Steel Pvt. Ltd. in another case, M/s D. P. Industries Vs. M/s Jai Sai Ram Steel Pvt. Ltd. under (IB)-3390(ND)2019, with an order dated 2021-07-30. Mr. Sunil Prakash Sharma was appointed as the Interim Resolution Professional (IRP) to manage the CIR process of the Corporate Debtor. The court considered Section 11 of the IBC, 2016, which prevents
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Tribunal passed an order in (IB)-3390(ND)2019…
The NCLT delivered the…
M/s B.B. Steels Pvt. Ltd., through its Director Mr. P.K. Gupta, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jai Sai Ram Steel Pvt. Ltd. The petition was filed due to an alleged default in payment by the Corporate Debtor to the Operational Creditor.
M/s B.B. Steels Pvt. Ltd., acting as the Operational Creditor through its director Mr. P.K. Gupta, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jai Sai Ram Steel Pvt. Ltd., the Corporate Debtor, due to alleged payment defaults. However, the NCLT bench noted that a CIRP had already been initiated against M/s Jai Sai Ram Steel Pvt. Ltd. in another case, M/s D. P. Industries Vs. M/s Jai Sai Ram Steel Pvt. Ltd. under (IB)-3390(ND)2019, with an order dated 2021-07-30. Mr. Sunil Prakash Sharma was appointed as the Interim Resolution Professional (IRP) to manage the CIR process of the Corporate Debtor. The court considered Section 11 of the IBC, 2016, which prevents
…Tribunal passed an order in (IB)-3390(ND)2019…
The NCLT delivered the…