Hero Steels Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Rolex Cycles Private Limited, the corporate debtor, for non-payment of outstanding dues. The operational creditor claimed that goods were supplied to the corporate debtor between 08.07.2015 and 31.05.2016, and despite sending demand notices, no payment was received. The corporate debtor raised objections, primarily concerning the lack of a proper affidavit as required by Section 9(3) of the IBC.
Hero Steels Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Rolex Cycles Private Limited (corporate debtor) due to unpaid operational debt. Goods were supplied by Hero Steels to Rolex Cycles between 08.07.2015 and 31.05.2016. The outstanding balance as of 03.06.2016 was ₹2,08,00,577.99. Hero Steels sent a balance confirmation letter, and Rolex Cycles confirmed an outstanding amount of ₹2,08,00,578/- on 03.11.2016. Demand notices were sent by Speed Post, received by Rolex Cycles on 21.04.2017, but no payment was made. Hero Steels also submitted bank statements showing no payments received from Rolex Cycles. The petition was filed on 13.06.2017. Rolex Cycles objected, claiming a lack of proper affidavit
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Goods were supplied by Hero Steels Limited…
The outstanding balance…
Hero Steels Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Rolex Cycles Private Limited, the corporate debtor, for non-payment of outstanding dues. The operational creditor claimed that goods were supplied to the corporate debtor between 08.07.2015 and 31.05.2016, and despite sending demand notices, no payment was received. The corporate debtor raised objections, primarily concerning the lack of a proper affidavit as required by Section 9(3) of the IBC.
Hero Steels Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Rolex Cycles Private Limited (corporate debtor) due to unpaid operational debt. Goods were supplied by Hero Steels to Rolex Cycles between 08.07.2015 and 31.05.2016. The outstanding balance as of 03.06.2016 was ₹2,08,00,577.99. Hero Steels sent a balance confirmation letter, and Rolex Cycles confirmed an outstanding amount of ₹2,08,00,578/- on 03.11.2016. Demand notices were sent by Speed Post, received by Rolex Cycles on 21.04.2017, but no payment was made. Hero Steels also submitted bank statements showing no payments received from Rolex Cycles. The petition was filed on 13.06.2017. Rolex Cycles objected, claiming a lack of proper affidavit
…Goods were supplied by Hero Steels Limited…
The outstanding balance…