Madras Steel and Tubes, an Operational Creditor (OC), filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Set Sanayi Elektrik- Tesisat Taahhut Ve Ticaret India Private Limited, the Corporate Debtor (CD), due to alleged default in settling an amount of Rs 10,27,013 as of 15.02.19, which includes interest at 18% PA on the supply of MS ERW Black pipes and GI Pipes. The OC supplied goods and raised invoices from 18.02.16 to 26.07.16 amounting to Rs 6,99,284, along with interest. The OC issued a demand notice under Section 8 of IBC to the CD on 16.02.19, and the CD acknowledged its liability to pay the outstanding dues via email dated 05.03.19.
Madras Steel and Tubes (Operational Creditor) supplied MS ERW Black pipes and GI Pipes to Set Sanayi Elektrik- Tesisat Taahhut Ve Ticaret India Private Limited (Corporate Debtor). Invoices were raised from 18.02.16 to 26.07.16, totaling Rs 6,99,284. As of 15.02.19, the outstanding amount, including 18% PA interest, was Rs 10,27,013. The Operational Creditor issued a demand notice on 16.02.19 under Section 8 of the IBC. The Corporate Debtor acknowledged the debt via email on 05.03.19 but failed to repay. The Operational Creditor affirmed that no notice of dispute or payment was received. The Corporate Debtor did not raise any dispute over the quality or quantity of goods supplied. The application was filed under Section 9 of the IBC.
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Operational Creditor…
Operational Creditor…
Madras Steel and Tubes, an Operational Creditor (OC), filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Set Sanayi Elektrik- Tesisat Taahhut Ve Ticaret India Private Limited, the Corporate Debtor (CD), due to alleged default in settling an amount of Rs 10,27,013 as of 15.02.19, which includes interest at 18% PA on the supply of MS ERW Black pipes and GI Pipes. The OC supplied goods and raised invoices from 18.02.16 to 26.07.16 amounting to Rs 6,99,284, along with interest. The OC issued a demand notice under Section 8 of IBC to the CD on 16.02.19, and the CD acknowledged its liability to pay the outstanding dues via email dated 05.03.19.
Madras Steel and Tubes (Operational Creditor) supplied MS ERW Black pipes and GI Pipes to Set Sanayi Elektrik- Tesisat Taahhut Ve Ticaret India Private Limited (Corporate Debtor). Invoices were raised from 18.02.16 to 26.07.16, totaling Rs 6,99,284. As of 15.02.19, the outstanding amount, including 18% PA interest, was Rs 10,27,013. The Operational Creditor issued a demand notice on 16.02.19 under Section 8 of the IBC. The Corporate Debtor acknowledged the debt via email on 05.03.19 but failed to repay. The Operational Creditor affirmed that no notice of dispute or payment was received. The Corporate Debtor did not raise any dispute over the quality or quantity of goods supplied. The application was filed under Section 9 of the IBC.
Operational Creditor…
Operational Creditor…