The case involves an application filed by Aanchal Ispat Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Salagram Power and Steel Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for outstanding debts amounting to Rs. 2,51,55,999 plus interest at 24% per annum.
Aanchal Ispat Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Salagram Power and Steel Private Limited, the Corporate Debtor, due to outstanding debt. The Operational Creditor is a manufacturer and trader of iron and steel products. In July 2017, negotiations took place between the parties for the supply of goods. The Operational Creditor supplied goods from November 2017 to December 2017, which were received and acknowledged by the Corporate Debtor. The total supplies were worth approximately Rs. 2,51,00,000. The Corporate Debtor also filed GST Returns showing the purchase of such goods. The Operational Creditor issued a demand letter on May 25, 2018, to pay the amount along
…Sign in to view the parties.
Negotiations took place between the Operational…
The Operational Creditor supplied goods to the…
The case involves an application filed by Aanchal Ispat Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Salagram Power and Steel Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for outstanding debts amounting to Rs. 2,51,55,999 plus interest at 24% per annum.
Aanchal Ispat Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Salagram Power and Steel Private Limited, the Corporate Debtor, due to outstanding debt. The Operational Creditor is a manufacturer and trader of iron and steel products. In July 2017, negotiations took place between the parties for the supply of goods. The Operational Creditor supplied goods from November 2017 to December 2017, which were received and acknowledged by the Corporate Debtor. The total supplies were worth approximately Rs. 2,51,00,000. The Corporate Debtor also filed GST Returns showing the purchase of such goods. The Operational Creditor issued a demand letter on May 25, 2018, to pay the amount along
…Negotiations took place between the Operational…
The Operational Creditor supplied goods to the…