The case involves an application filed by Jai Balaji Industries Limited, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against SPS Metal Cast & Alloys Limited, the Corporate Debtor. Both entities were engaged in the business of manufacturing, sale, and purchase of iron and steel products. They placed orders with each other and supplied goods. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for materials supplied between 2001 and 2018, resulting in an outstanding amount of Rs. 14,55,96,425/-. The Corporate Debtor acknowledged the debt but cited unfavorable economic conditions and the closure of their factory as reasons for their
…Jai Balaji Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SPS Metal Cast & Alloys Limited (Corporate Debtor). Both companies were involved in the iron and steel business, trading with each other. The Operational Creditor supplied materials to the Corporate Debtor between 2001 and 2018, raising sales invoices. The Corporate Debtor accepted the materials without objection and made part payments. As of the relevant period (August 11, 2018, to October 5, 2018), Rs. 14,55,96,425/- remained outstanding. The Operational Creditor issued a demand notice under Section 8 of the Code, which the Corporate Debtor acknowledged in a letter dated October 20, 2018. However, the Corporate Debtor, in
…Sign in to view the parties.
Board Resolution of the Operational Creditor…
Start date of the…
The case involves an application filed by Jai Balaji Industries Limited, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against SPS Metal Cast & Alloys Limited, the Corporate Debtor. Both entities were engaged in the business of manufacturing, sale, and purchase of iron and steel products. They placed orders with each other and supplied goods. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for materials supplied between 2001 and 2018, resulting in an outstanding amount of Rs. 14,55,96,425/-. The Corporate Debtor acknowledged the debt but cited unfavorable economic conditions and the closure of their factory as reasons for their
…Jai Balaji Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SPS Metal Cast & Alloys Limited (Corporate Debtor). Both companies were involved in the iron and steel business, trading with each other. The Operational Creditor supplied materials to the Corporate Debtor between 2001 and 2018, raising sales invoices. The Corporate Debtor accepted the materials without objection and made part payments. As of the relevant period (August 11, 2018, to October 5, 2018), Rs. 14,55,96,425/- remained outstanding. The Operational Creditor issued a demand notice under Section 8 of the Code, which the Corporate Debtor acknowledged in a letter dated October 20, 2018. However, the Corporate Debtor, in
…Board Resolution of the Operational Creditor…
Start date of the…