The case originates from an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by M/S Mahajagdamba Tubes Private Limited (Operational Creditor) against M/S Quality Steels Products Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a debt of Rs. 95,68,188.32 along with interest of Rs. 57,58,310.60. The corporate debtor raised objections regarding the application being barred by limitation and the directors of the operational creditor not being legally capable to sign and file the application due to deactivated DINs.
M/S Mahajagdamba Tubes Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/S Quality Steels Products Limited, the Corporate Debtor. The operational creditor claimed a debt of Rs. 95,68,188.32 along with interest of Rs. 57,58,310.60. The operational creditor submitted an email dated 02.04.2016, ledger accounts, invoices, and a demand notice dated 17.04.2019, which was delivered on 20.04.2019, as evidence. The corporate debtor argued that the application was barred by limitation because the debt was last due on 27.05.2016 and the notice of the petition was served on 25.08.2019. The corporate debtor also claimed that the directors of the company were disqualified by the ROC. The
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The case originates from an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by M/S Mahajagdamba Tubes Private Limited (Operational Creditor) against M/S Quality Steels Products Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a debt of Rs. 95,68,188.32 along with interest of Rs. 57,58,310.60. The corporate debtor raised objections regarding the application being barred by limitation and the directors of the operational creditor not being legally capable to sign and file the application due to deactivated DINs.
M/S Mahajagdamba Tubes Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/S Quality Steels Products Limited, the Corporate Debtor. The operational creditor claimed a debt of Rs. 95,68,188.32 along with interest of Rs. 57,58,310.60. The operational creditor submitted an email dated 02.04.2016, ledger accounts, invoices, and a demand notice dated 17.04.2019, which was delivered on 20.04.2019, as evidence. The corporate debtor argued that the application was barred by limitation because the debt was last due on 27.05.2016 and the notice of the petition was served on 25.08.2019. The corporate debtor also claimed that the directors of the company were disqualified by the ROC. The
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The Corporate Debtor…