The case involves a petition transferred from the Hon'ble High Court at Bombay Judicature. Initially, a Company Petition (L) No. CPL/196/15 was filed before the High Court on 2015-03-04 for winding up under sections 433(e) and 434 of the Companies Act, 1956, pertaining to a debt of ₹1,83,68,422/- (Principal) plus interest of ₹50,88,182/-, totaling ₹2,34,56,604/-. The petition was later transferred to the NCLT, and the Petitioner (Operational Creditor) submitted Form No.5 under Rule-6 of the Insolvency and Bankruptcy (Applications to Adjudicating Authority) Rules, 2016, on 2017-06-09 to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
BMM Ispat Ltd. (Operational Creditor) supplied Sponge Iron lumps and Iron Ore Pellet to Ramdas Ispat and Metals Pvt. Ltd. (Corporate Debtor). The Corporate Debtor is dealing in Manufacture of MS Billets and allied products. A credit facility of 15 days was agreed upon for repayment. The Operational Creditor sold goods worth ₹8,49,34,549/- during the financial years 2012-13 and 2013-14, against which a payment of ₹6,91,19,295/- was made, leaving an unpaid balance of ₹1,58,15,254/- as on 2013-07-27. One of the Directors of the Corporate Debtor acknowledged the outstanding debt of ₹1.58 crores as on 2013-12-21 and requested time until April 2014 to settle the dues, but the debt remained unpaid. The Operational Creditor served a Demand Notice dated 2017-09-19, which was
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Company Petition (L)…
The petition was…
The case involves a petition transferred from the Hon'ble High Court at Bombay Judicature. Initially, a Company Petition (L) No. CPL/196/15 was filed before the High Court on 2015-03-04 for winding up under sections 433(e) and 434 of the Companies Act, 1956, pertaining to a debt of ₹1,83,68,422/- (Principal) plus interest of ₹50,88,182/-, totaling ₹2,34,56,604/-. The petition was later transferred to the NCLT, and the Petitioner (Operational Creditor) submitted Form No.5 under Rule-6 of the Insolvency and Bankruptcy (Applications to Adjudicating Authority) Rules, 2016, on 2017-06-09 to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
BMM Ispat Ltd. (Operational Creditor) supplied Sponge Iron lumps and Iron Ore Pellet to Ramdas Ispat and Metals Pvt. Ltd. (Corporate Debtor). The Corporate Debtor is dealing in Manufacture of MS Billets and allied products. A credit facility of 15 days was agreed upon for repayment. The Operational Creditor sold goods worth ₹8,49,34,549/- during the financial years 2012-13 and 2013-14, against which a payment of ₹6,91,19,295/- was made, leaving an unpaid balance of ₹1,58,15,254/- as on 2013-07-27. One of the Directors of the Corporate Debtor acknowledged the outstanding debt of ₹1.58 crores as on 2013-12-21 and requested time until April 2014 to settle the dues, but the debt remained unpaid. The Operational Creditor served a Demand Notice dated 2017-09-19, which was
…Company Petition (L)…
The petition was…