The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Jai Balaji Industries Limited (Operational Creditor) against SPS Steels Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in paying an operational debt of Rs. 6,79,26,818/-. The Operational Creditor stated that they supplied material to the Corporate Debtor between 2005 and 2008 and raised invoices, but the Corporate Debtor failed to pay the outstanding amount. The debt became due on 16.12.2013. A demand notice was sent on 25.06.2018, but the Corporate Debtor did not reply or pay the amount.
Jai Balaji Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SPS Steels Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on an operational debt of Rs. 6,79,26,818/-. The Operational Creditor supplied material to the Corporate Debtor between 2005 and 2008, raising invoices for the same. The Corporate Debtor failed to pay the full amount, leaving a balance due. The debt became due on 16.12.2013. The Operational Creditor sent a demand notice on 25.06.2018, which the Corporate Debtor did not reply to or pay. The Corporate Debtor admitted the debt in an affidavit. The Operational Creditor produced evidence, including an affidavit stating that
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The Operational Creditor…
The Operational Creditor…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Jai Balaji Industries Limited (Operational Creditor) against SPS Steels Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in paying an operational debt of Rs. 6,79,26,818/-. The Operational Creditor stated that they supplied material to the Corporate Debtor between 2005 and 2008 and raised invoices, but the Corporate Debtor failed to pay the outstanding amount. The debt became due on 16.12.2013. A demand notice was sent on 25.06.2018, but the Corporate Debtor did not reply or pay the amount.
Jai Balaji Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SPS Steels Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on an operational debt of Rs. 6,79,26,818/-. The Operational Creditor supplied material to the Corporate Debtor between 2005 and 2008, raising invoices for the same. The Corporate Debtor failed to pay the full amount, leaving a balance due. The debt became due on 16.12.2013. The Operational Creditor sent a demand notice on 25.06.2018, which the Corporate Debtor did not reply to or pay. The Corporate Debtor admitted the debt in an affidavit. The Operational Creditor produced evidence, including an affidavit stating that
…The Operational Creditor…
The Operational Creditor…