Chaitanya Alloys Private Limited, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Subhlabh Steels Private Limited, the corporate debtor, for failing to pay an outstanding debt of Rs. 4,95,29,083/-. The operational creditor claimed that the corporate debtor had engaged them for supplying TMT Bars, and tax invoices cum challans were generated. The date of default was stated as 06.04.2018.
Chaitanya Alloys Private Limited (Operational Creditor) supplied TMT Bars to Subhlabh Steels Private Limited (Corporate Debtor). Tax Invoice Cum Challans were generated. The Corporate Debtor made part payments, with the last payment of Rs. 1,40,000/- made on 06.12.2018. The Operational Creditor sent letters on 14.03.2017, 05.01.2018, and 02.11.2018, requesting clearance of outstanding dues of Rs. 3,86,16,900.86. The Corporate Debtor acknowledged the debt in letters dated 17.08.2017 and 15.01.2019, citing bad market conditions as the reason for delay. The Operational Creditor issued a statutory demand notice on 06.08.2019, seeking release of the principal amount of Rs. 3,86,16,900.86. The total amount claimed by the Operational Creditor was Rs. 4,95,29,083/-. The
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The present petition…
Letter sent by the Operational Creditor to the…
Chaitanya Alloys Private Limited, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Subhlabh Steels Private Limited, the corporate debtor, for failing to pay an outstanding debt of Rs. 4,95,29,083/-. The operational creditor claimed that the corporate debtor had engaged them for supplying TMT Bars, and tax invoices cum challans were generated. The date of default was stated as 06.04.2018.
Chaitanya Alloys Private Limited (Operational Creditor) supplied TMT Bars to Subhlabh Steels Private Limited (Corporate Debtor). Tax Invoice Cum Challans were generated. The Corporate Debtor made part payments, with the last payment of Rs. 1,40,000/- made on 06.12.2018. The Operational Creditor sent letters on 14.03.2017, 05.01.2018, and 02.11.2018, requesting clearance of outstanding dues of Rs. 3,86,16,900.86. The Corporate Debtor acknowledged the debt in letters dated 17.08.2017 and 15.01.2019, citing bad market conditions as the reason for delay. The Operational Creditor issued a statutory demand notice on 06.08.2019, seeking release of the principal amount of Rs. 3,86,16,900.86. The total amount claimed by the Operational Creditor was Rs. 4,95,29,083/-. The
…The present petition…
Letter sent by the Operational Creditor to the…