Gagan Ferrotech Ltd., the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Morpheus Developers Private Ltd., the Corporate Debtor, for its inability to liquidate its debt. The Corporate Debtor had placed a purchase order on the Operational Creditor for the supply of TMT steel bars. As per the terms of the order, payment was to be made within 45 to 50 days of supply. The Operational Creditor supplied goods on 30.03.2016 and 01.04.2016 and raised invoices for Rs. 9,20,204/- and Rs. 10,15,952/- respectively.
Gagan Ferrotech Ltd. (Operational Creditor) supplied TMT steel bars to Morpheus Developers Private Ltd. (Corporate Debtor) based on a purchase order. The payment terms stipulated payment within 45-50 days of supply. The Operational Creditor supplied goods on 30.03.2016 and 01.04.2016, raising invoices for Rs. 9,20,204/- and Rs. 10,15,952/- respectively, totaling Rs. 19,36,156/-. The Corporate Debtor made a part payment of Rs. 5,00,000/- on 07.10.2016 and issued two cheques dated 10th & 12th July, 2017 for Rs. 6,13,000/- and Rs. 6 lakhs, which were dishonored. The outstanding balance of Rs. 14,36,156/- remained unpaid despite repeated requests. The Operational Creditor issued a demand notice dated 15.11.2017 under Section 8 of the IBC, which the Corporate Debtor did
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Operational Creditor…
Operational Creditor…
Gagan Ferrotech Ltd., the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Morpheus Developers Private Ltd., the Corporate Debtor, for its inability to liquidate its debt. The Corporate Debtor had placed a purchase order on the Operational Creditor for the supply of TMT steel bars. As per the terms of the order, payment was to be made within 45 to 50 days of supply. The Operational Creditor supplied goods on 30.03.2016 and 01.04.2016 and raised invoices for Rs. 9,20,204/- and Rs. 10,15,952/- respectively.
Gagan Ferrotech Ltd. (Operational Creditor) supplied TMT steel bars to Morpheus Developers Private Ltd. (Corporate Debtor) based on a purchase order. The payment terms stipulated payment within 45-50 days of supply. The Operational Creditor supplied goods on 30.03.2016 and 01.04.2016, raising invoices for Rs. 9,20,204/- and Rs. 10,15,952/- respectively, totaling Rs. 19,36,156/-. The Corporate Debtor made a part payment of Rs. 5,00,000/- on 07.10.2016 and issued two cheques dated 10th & 12th July, 2017 for Rs. 6,13,000/- and Rs. 6 lakhs, which were dishonored. The outstanding balance of Rs. 14,36,156/- remained unpaid despite repeated requests. The Operational Creditor issued a demand notice dated 15.11.2017 under Section 8 of the IBC, which the Corporate Debtor did
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Operational Creditor…