The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Jaycee Castalloys Private Limited (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Kiran Udyog Private Limited (Corporate Debtor) for an alleged default of Rs. 3,51,99,422/-. The Operational Creditor claims to have supplied auto parts to the Corporate Debtor based on purchase orders, with a credit period of 60 days. The Corporate Debtor allegedly defaulted on payments, leading to the application.
M/s Jaycee Castalloys Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kiran Udyog Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 3,51,99,422/- for auto parts supplied to the Corporate Debtor. The Corporate Debtor issued purchase orders with a 60-day credit period. The Operational Creditor maintained a running account. A statutory demand notice dated 2020-03-20 was sent to the Corporate Debtor on 2020-03-24. The Corporate Debtor claimed that the demand notice was not received and that there was a pre-existing dispute. The Corporate Debtor also claimed that the application was premature due to
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Statutory Demand notice…
Demand notice was…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Jaycee Castalloys Private Limited (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Kiran Udyog Private Limited (Corporate Debtor) for an alleged default of Rs. 3,51,99,422/-. The Operational Creditor claims to have supplied auto parts to the Corporate Debtor based on purchase orders, with a credit period of 60 days. The Corporate Debtor allegedly defaulted on payments, leading to the application.
M/s Jaycee Castalloys Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kiran Udyog Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 3,51,99,422/- for auto parts supplied to the Corporate Debtor. The Corporate Debtor issued purchase orders with a 60-day credit period. The Operational Creditor maintained a running account. A statutory demand notice dated 2020-03-20 was sent to the Corporate Debtor on 2020-03-24. The Corporate Debtor claimed that the demand notice was not received and that there was a pre-existing dispute. The Corporate Debtor also claimed that the application was premature due to
…Statutory Demand notice…
Demand notice was…