Vedanth.Com Worldwide Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karthik Alloys Limited, the Corporate Debtor, for failing to make payment of Rs. 34,11,111/-. The Operational Creditor claimed that the Corporate Debtor placed orders for fixed carbon and moisture of various quantities, but failed to pay the outstanding amount. The Corporate Debtor argued that there were delays and inferior quality in the supply of raw materials, leading to losses and counterclaims.
Vedanth.Com Worldwide Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Karthik Alloys Limited (Corporate Debtor) for non-payment of Rs. 34,11,111/-. The Operational Creditor claimed that the Corporate Debtor placed orders for fixed carbon and moisture, but failed to pay the outstanding amount. The Corporate Debtor argued that there were delays and inferior quality in the supply of raw materials, leading to losses and counterclaims. The Operational Creditor served a Demand Notice in Form 3 on 10.04.2019. The Corporate Debtor filed a reply/preliminary counter affidavit dated 30.08.2019, claiming delays and inferior quality of raw materials. The Operational Creditor submitted that the Demand Notice was
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The Operational Creditor served a Demand Notice…
The Demand Notice was…
Vedanth.Com Worldwide Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karthik Alloys Limited, the Corporate Debtor, for failing to make payment of Rs. 34,11,111/-. The Operational Creditor claimed that the Corporate Debtor placed orders for fixed carbon and moisture of various quantities, but failed to pay the outstanding amount. The Corporate Debtor argued that there were delays and inferior quality in the supply of raw materials, leading to losses and counterclaims.
Vedanth.Com Worldwide Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Karthik Alloys Limited (Corporate Debtor) for non-payment of Rs. 34,11,111/-. The Operational Creditor claimed that the Corporate Debtor placed orders for fixed carbon and moisture, but failed to pay the outstanding amount. The Corporate Debtor argued that there were delays and inferior quality in the supply of raw materials, leading to losses and counterclaims. The Operational Creditor served a Demand Notice in Form 3 on 10.04.2019. The Corporate Debtor filed a reply/preliminary counter affidavit dated 30.08.2019, claiming delays and inferior quality of raw materials. The Operational Creditor submitted that the Demand Notice was
…The Operational Creditor served a Demand Notice…
The Demand Notice was…