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 a corporate insolvency resolution process against SPS Metal Cast & Alloys Limited, the Corporate Debtor. Both parties are engaged in the business of manufacturing, sale, and purchase of iron and steel products. They were placing orders on each other and supplying goods. The Operational Creditor claimed that the Corporate Debtor failed to pay outstanding dues of Rs. 14,55,96,425/- despite repeated reminders.
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) for initiating a corporate insolvency resolution process. Both entities were involved in the iron and steel business, engaging in mutual orders and supply of goods. The Operational Creditor claimed that materials were supplied to the Corporate Debtor between 2001 and 2018, with invoices raised accordingly. The Corporate Debtor accepted these materials without objection. Part payments were made by the Corporate Debtor, with the last payment received on October 5, 2018. An outstanding amount of Rs. 14,55,96,425/- remained due. The Operational Creditor issued a demand notice
…Sign in to view the parties.
Board Resolution…
Corporate Debtor made…
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 a corporate insolvency resolution process against SPS Metal Cast & Alloys Limited, the Corporate Debtor. Both parties are engaged in the business of manufacturing, sale, and purchase of iron and steel products. They were placing orders on each other and supplying goods. The Operational Creditor claimed that the Corporate Debtor failed to pay outstanding dues of Rs. 14,55,96,425/- despite repeated reminders.
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) for initiating a corporate insolvency resolution process. Both entities were involved in the iron and steel business, engaging in mutual orders and supply of goods. The Operational Creditor claimed that materials were supplied to the Corporate Debtor between 2001 and 2018, with invoices raised accordingly. The Corporate Debtor accepted these materials without objection. Part payments were made by the Corporate Debtor, with the last payment received on October 5, 2018. An outstanding amount of Rs. 14,55,96,425/- remained due. The Operational Creditor issued a demand notice
…Board Resolution…
Corporate Debtor made…