Tapan Engineers and Fabricators filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Omkar Gratings Pvt. Ltd. The petitioner, an operational creditor, claimed that the corporate debtor defaulted in making a payment of ₹5,15,57,288/-, including interest. The petitioner was engaged in the business of trading iron and steel and supplied MS sheet cutting to the corporate debtor. The invoices remained unpaid, and the ledger statement as of 30.09.2018 showed an amount of ₹3,78,75,308/- due. The petitioner also enclosed minutes of meetings dated 23.10.2017, where the corporate debtor confirmed the payment of the outstanding amount and interest against the sale of
…Tapan Engineers and Fabricators (Petitioner) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Omkar Gratings Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Petitioner claimed the Corporate Debtor defaulted on a payment of ₹5,15,57,288/-, including interest, for MS sheet cutting supplied vide several invoices. The ledger statement as of 30.09.2018 showed ₹3,78,75,308/- due. The Corporate Debtor allegedly confirmed the debt in a meeting on 23.10.2017, promising payment from the sale of a plot. The Corporate Debtor issued five cheques of ₹10 lacs each, which were dishonored. The Corporate Debtor denied the allegations, claiming the Petitioner instructed them to ignore the demand notice
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Corporate Debtor admitted liability and…
Corporate Debtor was…
Tapan Engineers and Fabricators filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Omkar Gratings Pvt. Ltd. The petitioner, an operational creditor, claimed that the corporate debtor defaulted in making a payment of ₹5,15,57,288/-, including interest. The petitioner was engaged in the business of trading iron and steel and supplied MS sheet cutting to the corporate debtor. The invoices remained unpaid, and the ledger statement as of 30.09.2018 showed an amount of ₹3,78,75,308/- due. The petitioner also enclosed minutes of meetings dated 23.10.2017, where the corporate debtor confirmed the payment of the outstanding amount and interest against the sale of
…Tapan Engineers and Fabricators (Petitioner) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Omkar Gratings Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Petitioner claimed the Corporate Debtor defaulted on a payment of ₹5,15,57,288/-, including interest, for MS sheet cutting supplied vide several invoices. The ledger statement as of 30.09.2018 showed ₹3,78,75,308/- due. The Corporate Debtor allegedly confirmed the debt in a meeting on 23.10.2017, promising payment from the sale of a plot. The Corporate Debtor issued five cheques of ₹10 lacs each, which were dishonored. The Corporate Debtor denied the allegations, claiming the Petitioner instructed them to ignore the demand notice
…Corporate Debtor admitted liability and…
Corporate Debtor was…