The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s Ashutosh Steels Private Limited (Operational Creditor) against M/s Royal Pressing and Components Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The applicant claims that the respondent approached them for the purchase of steel products, and it was agreed that payments would be made promptly upon receiving the goods and invoices. Despite supplying the goods and raising invoices, the respondent failed to make the full payment.
M/s Ashutosh Steels Private Limited (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Royal Pressing and Components Private Limited (the respondent). The applicant claimed that the respondent approached them for the purchase of steel products, agreeing to make timely payments upon receiving the goods and invoices. The applicant supplied the goods and raised invoices. The last part payment was made on 2016-02-26. The total outstanding amount was Rs. 33,54,135/-, including principal and interest. The applicant sent a demand notice on 2018-01-12 under Section 8 of the IBC, but the respondent failed to pay or raise a dispute. The respondent claimed infirmities in the accounts, alleging forged bills issued by
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Board resolution…
Applicant sent a demand…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s Ashutosh Steels Private Limited (Operational Creditor) against M/s Royal Pressing and Components Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The applicant claims that the respondent approached them for the purchase of steel products, and it was agreed that payments would be made promptly upon receiving the goods and invoices. Despite supplying the goods and raising invoices, the respondent failed to make the full payment.
M/s Ashutosh Steels Private Limited (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Royal Pressing and Components Private Limited (the respondent). The applicant claimed that the respondent approached them for the purchase of steel products, agreeing to make timely payments upon receiving the goods and invoices. The applicant supplied the goods and raised invoices. The last part payment was made on 2016-02-26. The total outstanding amount was Rs. 33,54,135/-, including principal and interest. The applicant sent a demand notice on 2018-01-12 under Section 8 of the IBC, but the respondent failed to pay or raise a dispute. The respondent claimed infirmities in the accounts, alleging forged bills issued by
…Board resolution…
Applicant sent a demand…