The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Jaycee Castalloys Private Limited (Operational Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kiran Udyog Private Limited (Corporate Debtor) for alleged default in clearing a debt of Rs. 3,51,99,422. The Operational Creditor claimed 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. The Corporate Debtor contested the application, claiming that the demand notice was not received, the amount claimed was disputed, and the application was premature due to the extended limitation period
…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 that the Corporate Debtor defaulted on a debt of Rs. 3,51,99,422 for auto parts supplied. The Operational Creditor and Corporate Debtor had an agreement for the supply of auto parts, with payment terms of 60 days credit. The Corporate Debtor issued purchase orders, and the Operational Creditor supplied goods. The Corporate Debtor made some part payments. The Operational Creditor sent a demand notice dated 20.03.2020, which was allegedly delivered on 24.03.2020. The Corporate Debtor
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Operational Creditor…
The demand notice was…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Jaycee Castalloys Private Limited (Operational Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kiran Udyog Private Limited (Corporate Debtor) for alleged default in clearing a debt of Rs. 3,51,99,422. The Operational Creditor claimed 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. The Corporate Debtor contested the application, claiming that the demand notice was not received, the amount claimed was disputed, and the application was premature due to the extended limitation period
…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 that the Corporate Debtor defaulted on a debt of Rs. 3,51,99,422 for auto parts supplied. The Operational Creditor and Corporate Debtor had an agreement for the supply of auto parts, with payment terms of 60 days credit. The Corporate Debtor issued purchase orders, and the Operational Creditor supplied goods. The Corporate Debtor made some part payments. The Operational Creditor sent a demand notice dated 20.03.2020, which was allegedly delivered on 24.03.2020. The Corporate Debtor
…Operational Creditor…
The demand notice was…