Hind Tradex Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency resolution process against Lakshmi Precision Screws Limited, the corporate debtor. The petition was filed due to the corporate debtor's failure to pay for iron and steel products supplied by the operational creditor between 19.03.2015 and 26.03.2015, totaling ₹4,90,76,653/-, with the due date of the last invoice being 24.06.2015. The operational creditor issued a demand notice under Section 8 of the Code, which was delivered to the corporate debtor on 17.03.2018. The petition was filed on 16.05.2018.
M/s Hind Tradex Limited (operational creditor) supplied iron and steel products to M/s Lakshmi Precision Screws Limited (corporate debtor) between 19.03.2015 and 26.03.2015, totaling ₹4,90,76,653/-. The due date for the last invoice was 24.06.2015. The corporate debtor defaulted on payment despite receiving the materials. The operational creditor sent a demand notice under Section 8 of the IBC, 2016, on 15.03.2018, which was delivered on 17.03.2018. The petition under Section 9 of the IBC was filed on 16.05.2018. The corporate debtor did not file any reply or objection to the admission of the petition. The operational creditor claimed interest at 24% p.a. on the outstanding amount. The corporate debtor's authorized share capital is ₹25 crores, and the paid-up share
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Operational creditor supplied iron and steel…
The due date for the…
Hind Tradex Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency resolution process against Lakshmi Precision Screws Limited, the corporate debtor. The petition was filed due to the corporate debtor's failure to pay for iron and steel products supplied by the operational creditor between 19.03.2015 and 26.03.2015, totaling ₹4,90,76,653/-, with the due date of the last invoice being 24.06.2015. The operational creditor issued a demand notice under Section 8 of the Code, which was delivered to the corporate debtor on 17.03.2018. The petition was filed on 16.05.2018.
M/s Hind Tradex Limited (operational creditor) supplied iron and steel products to M/s Lakshmi Precision Screws Limited (corporate debtor) between 19.03.2015 and 26.03.2015, totaling ₹4,90,76,653/-. The due date for the last invoice was 24.06.2015. The corporate debtor defaulted on payment despite receiving the materials. The operational creditor sent a demand notice under Section 8 of the IBC, 2016, on 15.03.2018, which was delivered on 17.03.2018. The petition under Section 9 of the IBC was filed on 16.05.2018. The corporate debtor did not file any reply or objection to the admission of the petition. The operational creditor claimed interest at 24% p.a. on the outstanding amount. The corporate debtor's authorized share capital is ₹25 crores, and the paid-up share
…Operational creditor supplied iron and steel…
The due date for the…