Madras Steels & Tubes filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against N. S. Vaishno Devi Developers India Private Limited due to default in payment of an operational debt. The petitioner, Madras Steels & Tubes, claimed that the respondent, N. S. Vaishno Devi Developers India Private Limited, failed to pay for MS Sections supplied as per order. The petitioner issued invoices for Rs. 8,49,721/- which remained unpaid despite reminders. The petitioner also claimed interest at 18% per annum, bringing the total outstanding amount to Rs. 12,25,600/-. A demand notice was issued, but the respondent did not respond or make any payments.
Madras Steels & Tubes, a proprietorship firm based in Chennai, is a supplier and trader of GI pipes, MS pipes, and ERW pipes. N. S. Vaishno Devi Developers India Private Limited, located in Andhra Pradesh, is involved in the construction business. Madras Steels & Tubes supplied MS Sections to N. S. Vaishno Devi Developers India Private Limited as per orders placed. The goods were received and accepted without any dispute regarding quantity or quality. Madras Steels & Tubes issued invoices No. 569 and 570 dated 07.09.2016, totaling Rs. 8,49,721/-. N. S. Vaishno Devi Developers India Private Limited failed to make the payment despite several reminders. Madras Steels & Tubes claimed interest at 18% per annum, amounting to Rs. 3,75,879/-, bringing the total
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Madras Steels & Tubes issued invoices No. 569…
Madras Steels & Tubes issued a demand notice…
Madras Steels & Tubes filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against N. S. Vaishno Devi Developers India Private Limited due to default in payment of an operational debt. The petitioner, Madras Steels & Tubes, claimed that the respondent, N. S. Vaishno Devi Developers India Private Limited, failed to pay for MS Sections supplied as per order. The petitioner issued invoices for Rs. 8,49,721/- which remained unpaid despite reminders. The petitioner also claimed interest at 18% per annum, bringing the total outstanding amount to Rs. 12,25,600/-. A demand notice was issued, but the respondent did not respond or make any payments.
Madras Steels & Tubes, a proprietorship firm based in Chennai, is a supplier and trader of GI pipes, MS pipes, and ERW pipes. N. S. Vaishno Devi Developers India Private Limited, located in Andhra Pradesh, is involved in the construction business. Madras Steels & Tubes supplied MS Sections to N. S. Vaishno Devi Developers India Private Limited as per orders placed. The goods were received and accepted without any dispute regarding quantity or quality. Madras Steels & Tubes issued invoices No. 569 and 570 dated 07.09.2016, totaling Rs. 8,49,721/-. N. S. Vaishno Devi Developers India Private Limited failed to make the payment despite several reminders. Madras Steels & Tubes claimed interest at 18% per annum, amounting to Rs. 3,75,879/-, bringing the total
…Madras Steels & Tubes issued invoices No. 569…
Madras Steels & Tubes issued a demand notice…