The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Umiya Development Centre India Private Limited (Operational Creditor) against M/s. Star Trace Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed a sum of Rs.7,74,25,437/- as of 20.02.2019, which was due and payable by the Corporate Debtor with a commercial rate of interest at 18% per annum. The Operational Creditor supplied MS Plates to the Corporate Debtor between August 2017 and February 2018, raising invoices for Rs.18,13,70,322.66/-, of which the Corporate Debtor paid Rs.10,37,46,928/-. The Corporate Debtor disputed the claim, citing discrepancies
…M/s. Umiya Development Centre India Private Limited (Operational Creditor) filed an application against M/s. Star Trace Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Operational Creditor claimed that the Corporate Debtor owed Rs.7,74,25,437/- as of 20.02.2019, with an 18% interest rate. The debt arose from the supply of MS Plates by the Operational Creditor to the Corporate Debtor between August 2017 and February 2018, for which invoices totaling Rs.18,13,70,322.66/- were raised. The Corporate Debtor paid Rs.10,37,46,928/-, leaving a balance unpaid. The Operational Creditor issued a demand notice on 27.12.2019, which the Corporate Debtor received on 28.12.2019. The Corporate Debtor
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Operational Creditor supplied MS Plates to…
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Umiya Development Centre India Private Limited (Operational Creditor) against M/s. Star Trace Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed a sum of Rs.7,74,25,437/- as of 20.02.2019, which was due and payable by the Corporate Debtor with a commercial rate of interest at 18% per annum. The Operational Creditor supplied MS Plates to the Corporate Debtor between August 2017 and February 2018, raising invoices for Rs.18,13,70,322.66/-, of which the Corporate Debtor paid Rs.10,37,46,928/-. The Corporate Debtor disputed the claim, citing discrepancies
…M/s. Umiya Development Centre India Private Limited (Operational Creditor) filed an application against M/s. Star Trace Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Operational Creditor claimed that the Corporate Debtor owed Rs.7,74,25,437/- as of 20.02.2019, with an 18% interest rate. The debt arose from the supply of MS Plates by the Operational Creditor to the Corporate Debtor between August 2017 and February 2018, for which invoices totaling Rs.18,13,70,322.66/- were raised. The Corporate Debtor paid Rs.10,37,46,928/-, leaving a balance unpaid. The Operational Creditor issued a demand notice on 27.12.2019, which the Corporate Debtor received on 28.12.2019. The Corporate Debtor
…Operational Creditor supplied MS Plates to…
Supply of MS Plates by…