M/s Alloy Steels Emporium (P) Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against M/s Steelco India Pvt. Ltd., the Corporate Debtor, for failing to liquidate its outstanding liability. The Operational Creditor supplied steel rods and bars to the Corporate Debtor between 27.06.2014 and 22.09.2014, raising three invoices totaling Rs. 29,05,146. The Corporate Debtor made partial payments amounting to Rs. 18,08,863, reducing the outstanding liability to Rs. 10,96,283. Despite reminders, no further steps were taken to reduce the liability, although the Corporate Debtor acknowledged the amount due and promised payment by 31.10.2016. A notice under Section 8 of the Code
…M/s Alloy Steels Emporium (P) Ltd. (Operational Creditor) supplied steel rods and bars to M/s Steelco India Pvt. Ltd. (Corporate Debtor) between June 27, 2014, and September 22, 2014. Three invoices were raised for a total of Rs. 29,05,146. The Corporate Debtor made partial payments totaling Rs. 18,08,863, reducing the outstanding liability to Rs. 10,96,283. Despite reminders, the Corporate Debtor failed to fully liquidate the debt, although its director acknowledged the debt and promised payment by October 31, 2016. A notice under Section 8 of the IBC was sent on August 16, 2017. Further payments of Rs. 1,50,000 and Rs. 46,283 were made, reducing the debt to Rs. 9 lakhs, which remained unpaid. The Corporate Debtor's director appeared in person and tendered post-dated
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The Operational…
The Operational Creditor completed the supply…
M/s Alloy Steels Emporium (P) Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against M/s Steelco India Pvt. Ltd., the Corporate Debtor, for failing to liquidate its outstanding liability. The Operational Creditor supplied steel rods and bars to the Corporate Debtor between 27.06.2014 and 22.09.2014, raising three invoices totaling Rs. 29,05,146. The Corporate Debtor made partial payments amounting to Rs. 18,08,863, reducing the outstanding liability to Rs. 10,96,283. Despite reminders, no further steps were taken to reduce the liability, although the Corporate Debtor acknowledged the amount due and promised payment by 31.10.2016. A notice under Section 8 of the Code
…M/s Alloy Steels Emporium (P) Ltd. (Operational Creditor) supplied steel rods and bars to M/s Steelco India Pvt. Ltd. (Corporate Debtor) between June 27, 2014, and September 22, 2014. Three invoices were raised for a total of Rs. 29,05,146. The Corporate Debtor made partial payments totaling Rs. 18,08,863, reducing the outstanding liability to Rs. 10,96,283. Despite reminders, the Corporate Debtor failed to fully liquidate the debt, although its director acknowledged the debt and promised payment by October 31, 2016. A notice under Section 8 of the IBC was sent on August 16, 2017. Further payments of Rs. 1,50,000 and Rs. 46,283 were made, reducing the debt to Rs. 9 lakhs, which remained unpaid. The Corporate Debtor's director appeared in person and tendered post-dated
…The Operational…
The Operational Creditor completed the supply…