The case involves an application filed by M/s Suraj Products Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Krishna Ferro Products Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor failed to honor purchase orders for 'casting items' and a cheque issued for refund bounced. The application was initially dismissed for non-prosecution but was later restored upon a Misc. Application.
M/s Suraj Products Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Krishna Ferro Products Ltd., the corporate debtor. The operational creditor is in the business of distribution and supplying cements. The corporate debtor was to supply 'casting items' for parquetting, MBF & DRI Plant. By Purchase Order dated 2018-05-21, the operational creditor placed orders worth Rs. 1,53,08,000, out of which materials worth Rs. 80,12,296 were not supplied. The corporate debtor issued a cheque for refund, which bounced. A notice under Section 8 of the IBC was issued on 2019-02-11, but the corporate debtor did not repay. The corporate debtor issued Cheque No. 263369, dated 2012-10-20,
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Corporate Debtor issued…
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The case involves an application filed by M/s Suraj Products Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Krishna Ferro Products Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor failed to honor purchase orders for 'casting items' and a cheque issued for refund bounced. The application was initially dismissed for non-prosecution but was later restored upon a Misc. Application.
M/s Suraj Products Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Krishna Ferro Products Ltd., the corporate debtor. The operational creditor is in the business of distribution and supplying cements. The corporate debtor was to supply 'casting items' for parquetting, MBF & DRI Plant. By Purchase Order dated 2018-05-21, the operational creditor placed orders worth Rs. 1,53,08,000, out of which materials worth Rs. 80,12,296 were not supplied. The corporate debtor issued a cheque for refund, which bounced. A notice under Section 8 of the IBC was issued on 2019-02-11, but the corporate debtor did not repay. The corporate debtor issued Cheque No. 263369, dated 2012-10-20,
…Corporate Debtor issued…
Applicant asked the…