Nile Traders, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Rukmani Infra Projects Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. Nile Traders claimed that Rukmani Infra Projects failed to pay Rs. 1,11,59,511/- which included the principal amount of Rs. 55,89,930/- and interest of Rs. 55,69,582/- calculated at 24% per annum up to December 31, 2017. The operational creditor contended that despite supplying goods and raising invoices, the corporate debtor failed to make payments despite repeated reminders. The corporate debtor acknowledged the principal amount but disputed the interest component.
Nile Traders, an operational creditor, supplied industrial goods to Rukmani Infra Projects Pvt. Ltd., the corporate debtor. The corporate debtor placed several orders with the operational creditor. The goods were delivered as per the requirements of the corporate debtor, and the details were described in the tax invoices. The goods were received and accepted by the corporate debtor. Despite the delivery of goods, the corporate debtor failed to make payments. As of December 31, 2017, the corporate debtor owed Rs. 55,89,930/- as the principal amount and Rs. 55,69,582/- as interest at 24% per annum, totaling Rs. 1,11,59,511/-. The operational creditor issued a demand notice to the corporate debtor, claiming the outstanding amount. The corporate debtor acknowledged the
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Rukmani Infra Projects…
The Corporate Debtor had an outstanding debt…
Nile Traders, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Rukmani Infra Projects Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. Nile Traders claimed that Rukmani Infra Projects failed to pay Rs. 1,11,59,511/- which included the principal amount of Rs. 55,89,930/- and interest of Rs. 55,69,582/- calculated at 24% per annum up to December 31, 2017. The operational creditor contended that despite supplying goods and raising invoices, the corporate debtor failed to make payments despite repeated reminders. The corporate debtor acknowledged the principal amount but disputed the interest component.
Nile Traders, an operational creditor, supplied industrial goods to Rukmani Infra Projects Pvt. Ltd., the corporate debtor. The corporate debtor placed several orders with the operational creditor. The goods were delivered as per the requirements of the corporate debtor, and the details were described in the tax invoices. The goods were received and accepted by the corporate debtor. Despite the delivery of goods, the corporate debtor failed to make payments. As of December 31, 2017, the corporate debtor owed Rs. 55,89,930/- as the principal amount and Rs. 55,69,582/- as interest at 24% per annum, totaling Rs. 1,11,59,511/-. The operational creditor issued a demand notice to the corporate debtor, claiming the outstanding amount. The corporate debtor acknowledged the
…Rukmani Infra Projects…
The Corporate Debtor had an outstanding debt…