The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Gitansh International Private Limited (Operational Creditor) against Sri Ganesh Automotive Impex Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on payments for the supply of mild steel round bars. The applicant initiated the process after the corporate debtor failed to make payment of the outstanding amount despite a demand notice.
Gitansh International Private Limited (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sri Ganesh Automotive Impex Private Limited (the respondent). The applicant is a private limited company engaged in the supply of steel round bars. The respondent approached the applicant in June 2014 for the supply of mild steel round bar. The applicant started supplying the goods from 11.07.2014. The respondent issued 'C' forms acknowledging the receipt of goods until July 2017 when the Goods & Service Act was introduced. The applicant provided bank statements from 01.04.2015 to 06.12.2018 showing deposits and credits received from the respondent. As of 01.08.2018, an outstanding balance of Rs. 3,34,59,623/- was due. A
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The respondent company approached the…
The applicant company…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Gitansh International Private Limited (Operational Creditor) against Sri Ganesh Automotive Impex Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on payments for the supply of mild steel round bars. The applicant initiated the process after the corporate debtor failed to make payment of the outstanding amount despite a demand notice.
Gitansh International Private Limited (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sri Ganesh Automotive Impex Private Limited (the respondent). The applicant is a private limited company engaged in the supply of steel round bars. The respondent approached the applicant in June 2014 for the supply of mild steel round bar. The applicant started supplying the goods from 11.07.2014. The respondent issued 'C' forms acknowledging the receipt of goods until July 2017 when the Goods & Service Act was introduced. The applicant provided bank statements from 01.04.2015 to 06.12.2018 showing deposits and credits received from the respondent. As of 01.08.2018, an outstanding balance of Rs. 3,34,59,623/- was due. A
…The respondent company approached the…
The applicant company…