BMM ISPAT Limited, acting as the Operational Creditor, initiated a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, along with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules, 2016), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Raghav ISPAT (India) Private Limited, the Corporate Debtor. The claim pertains to unpaid invoices for the supply of sponge iron.
BMM ISPAT Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Shree Raghav ISPAT (India) Private Limited, the corporate debtor. The claim is based on invoices raised between 2012-11-18 and 2013-06-12, totaling Rs. 3,21,81,167, for the supply of sponge iron. The operational creditor claimed a total of Rs. 2,79,56,432, including interest at 24% per annum. The corporate debtor allegedly failed to make payments despite repeated requests and a legal notice dated 2016-03-03. The corporate debtor admitted liability in an undertaking dated 2016-03-18 and stated intentions to sell assets to pay debts. The operational creditor filed copies of tax invoices and delivery challans. The corporate
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BMM ISPAT Limited, acting as the Operational Creditor, initiated a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, along with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules, 2016), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Raghav ISPAT (India) Private Limited, the Corporate Debtor. The claim pertains to unpaid invoices for the supply of sponge iron.
BMM ISPAT Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Shree Raghav ISPAT (India) Private Limited, the corporate debtor. The claim is based on invoices raised between 2012-11-18 and 2013-06-12, totaling Rs. 3,21,81,167, for the supply of sponge iron. The operational creditor claimed a total of Rs. 2,79,56,432, including interest at 24% per annum. The corporate debtor allegedly failed to make payments despite repeated requests and a legal notice dated 2016-03-03. The corporate debtor admitted liability in an undertaking dated 2016-03-18 and stated intentions to sell assets to pay debts. The operational creditor filed copies of tax invoices and delivery challans. The corporate
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