The case involves an application filed by M/s Gagan Ferrotech 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 Manju J Homes India Limited, the corporate debtor. The applicant claims that the corporate debtor defaulted on payments for the supply of Steel TMT Bars. The application was filed due to unpaid invoices from August 2016 to December 2016.
M/s Gagan Ferrotech Limited (the applicant/operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Manju J Homes India Limited (the respondent/corporate debtor). The applicant supplied Steel TMT Bars to the respondent based on purchase orders. Invoices were raised, and part payments were made. However, invoices from August 2016 to December 2016 remained unpaid. The applicant sent a demand notice dated 22.06.2018 under Section 8 of the IBC, 2016, for outstanding payments of Rs. 66,03,856.78/- along with interest. The notice was served on 27.06.2018. The total debt due and payable is Rs. 84,47,147/-, including principal and interest till 20.06.2018.
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Invoices from August…
The applicant mentioned…
The case involves an application filed by M/s Gagan Ferrotech 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 Manju J Homes India Limited, the corporate debtor. The applicant claims that the corporate debtor defaulted on payments for the supply of Steel TMT Bars. The application was filed due to unpaid invoices from August 2016 to December 2016.
M/s Gagan Ferrotech Limited (the applicant/operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Manju J Homes India Limited (the respondent/corporate debtor). The applicant supplied Steel TMT Bars to the respondent based on purchase orders. Invoices were raised, and part payments were made. However, invoices from August 2016 to December 2016 remained unpaid. The applicant sent a demand notice dated 22.06.2018 under Section 8 of the IBC, 2016, for outstanding payments of Rs. 66,03,856.78/- along with interest. The notice was served on 27.06.2018. The total debt due and payable is Rs. 84,47,147/-, including principal and interest till 20.06.2018.
…Invoices from August…
The applicant mentioned…