The petition was filed by Messrs Sri Padmavathi Steel Traders, the Operational Creditor, stating that a principal amount of Rs. 86,50,758/- plus interest of Rs. 20,47,346/-, totaling Rs. 1,06,98,104/-, was due and payable by the Corporate Debtor, Messrs Mark Infrastructure Private Limited. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking admission of the petition, initiation of the Corporate Insolvency Resolution Process (CIRP), granting a moratorium, and appointing an Interim Resolution Professional (IRP). The petitioner claimed to have supplied goods to the corporate debtor, with a credit period of 30 days, extended to 90 days due to long-standing relations. The corporate debtor disputed the claim, alleging fraudulent
…Messrs Padmavathi Steel Traders, the Operational Creditor, filed a petition against Messrs Mark Infrastructure Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor owed Rs. 1,06,98,104/-, including principal and interest, for the supply of TMT Steel Bars and other materials during 2015-2017. The Corporate Debtor disputed the claim, alleging fraudulent documents and the dual capacity of Shri Velineni Uma Maheswara Rao, who was a partner in the Operational Creditor and a director in the Corporate Debtor. The Corporate Debtor also claimed that the invoices were raised for materials never supplied and that Shri Velineni Uma Maheswara Rao had misappropriated funds. The
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The respondent-…
The petition was filed by Messrs Sri Padmavathi Steel Traders, the Operational Creditor, stating that a principal amount of Rs. 86,50,758/- plus interest of Rs. 20,47,346/-, totaling Rs. 1,06,98,104/-, was due and payable by the Corporate Debtor, Messrs Mark Infrastructure Private Limited. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking admission of the petition, initiation of the Corporate Insolvency Resolution Process (CIRP), granting a moratorium, and appointing an Interim Resolution Professional (IRP). The petitioner claimed to have supplied goods to the corporate debtor, with a credit period of 30 days, extended to 90 days due to long-standing relations. The corporate debtor disputed the claim, alleging fraudulent
…Messrs Padmavathi Steel Traders, the Operational Creditor, filed a petition against Messrs Mark Infrastructure Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor owed Rs. 1,06,98,104/-, including principal and interest, for the supply of TMT Steel Bars and other materials during 2015-2017. The Corporate Debtor disputed the claim, alleging fraudulent documents and the dual capacity of Shri Velineni Uma Maheswara Rao, who was a partner in the Operational Creditor and a director in the Corporate Debtor. The Corporate Debtor also claimed that the invoices were raised for materials never supplied and that Shri Velineni Uma Maheswara Rao had misappropriated funds. The
…The petitioner-company…
The respondent-…