The case involves an application filed by Bharat Industrial Corporation, the Operational Creditor, against SSB Structural & Galvanising Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor alleges that the Corporate Debtor defaulted on a payment of Rs. 3,31,17,194, which includes a principal amount of Rs. 3,13,69,118 and interest of Rs. 17,48,076 calculated at 18% per annum from the due date of March 17, 2019. The Corporate Debtor acknowledged the debt in balance confirmation letters but failed to make the payment. The Corporate Debtor raised technical objections, including the Operational Creditor being a sole proprietorship and non-compliance with certain procedural requirements under
…Bharat Industrial Corporation (Operational Creditor) filed a petition against SSB Structural & Galvanising Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 3,31,17,194. This amount includes a principal of Rs. 3,13,69,118 and interest of Rs. 17,48,076 calculated at 18% per annum from March 17, 2019. The Operational Creditor supplied Zinc Ingots to the Corporate Debtor between January 22, 2018, and December 28, 2018, and raised invoices for Rs. 3,13,69,118. The Corporate Debtor acknowledged the debt through balance confirmation letters issued between February and September 2019. A demand notice dated July 8, 2019, was issued by the Operational Creditor, demanding the total debt amount. The
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Operational Creditor supplied Zinc Ingots to…
Operational Creditor supplied Zinc Ingots to…
The case involves an application filed by Bharat Industrial Corporation, the Operational Creditor, against SSB Structural & Galvanising Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor alleges that the Corporate Debtor defaulted on a payment of Rs. 3,31,17,194, which includes a principal amount of Rs. 3,13,69,118 and interest of Rs. 17,48,076 calculated at 18% per annum from the due date of March 17, 2019. The Corporate Debtor acknowledged the debt in balance confirmation letters but failed to make the payment. The Corporate Debtor raised technical objections, including the Operational Creditor being a sole proprietorship and non-compliance with certain procedural requirements under
…Bharat Industrial Corporation (Operational Creditor) filed a petition against SSB Structural & Galvanising Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 3,31,17,194. This amount includes a principal of Rs. 3,13,69,118 and interest of Rs. 17,48,076 calculated at 18% per annum from March 17, 2019. The Operational Creditor supplied Zinc Ingots to the Corporate Debtor between January 22, 2018, and December 28, 2018, and raised invoices for Rs. 3,13,69,118. The Corporate Debtor acknowledged the debt through balance confirmation letters issued between February and September 2019. A demand notice dated July 8, 2019, was issued by the Operational Creditor, demanding the total debt amount. The
…Operational Creditor supplied Zinc Ingots to…
Operational Creditor supplied Zinc Ingots to…