The case pertains to an application filed by Sree Bishandas Iron Works, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Swati Mining Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in repaying a sum of Rs. 63,00,000 advanced for purchasing iron billets in 2010, with only a partial repayment of Rs. 25,19,020 made till date. The operational creditor issued a demand notice on December 28, 2017, seeking Rs. 37,80,980 plus interest. The corporate debtor acknowledged the debt in multiple letters but failed to repay it.
In 2010, Sree Bishandas Iron Works (Operational Creditor) advanced Rs. 63,00,000 to Swati Mining Private Limited (Corporate Debtor) for purchasing iron billets, based on an oral purchase order. The Corporate Debtor acknowledged the order. The Corporate Debtor only repaid Rs. 25,19,020, leaving a balance of Rs. 37,80,980. From March 28, 2017, the Corporate Debtor ceased all payments. The Operational Creditor issued a demand notice on December 28, 2017, seeking Rs. 37,80,980 plus interest at 18% p.a. The Corporate Debtor, in replies dated June 19, 2017, March 13, 2018, and April 5, 2018, admitted its liability but expressed helplessness due to market conditions and tax regimes. The Operational Creditor filed an affidavit stating no prior disputes existed. The Corporate
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Operational Creditor advanced Rs. 63,00,000…
Corporate Debtor…
The case pertains to an application filed by Sree Bishandas Iron Works, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Swati Mining Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in repaying a sum of Rs. 63,00,000 advanced for purchasing iron billets in 2010, with only a partial repayment of Rs. 25,19,020 made till date. The operational creditor issued a demand notice on December 28, 2017, seeking Rs. 37,80,980 plus interest. The corporate debtor acknowledged the debt in multiple letters but failed to repay it.
In 2010, Sree Bishandas Iron Works (Operational Creditor) advanced Rs. 63,00,000 to Swati Mining Private Limited (Corporate Debtor) for purchasing iron billets, based on an oral purchase order. The Corporate Debtor acknowledged the order. The Corporate Debtor only repaid Rs. 25,19,020, leaving a balance of Rs. 37,80,980. From March 28, 2017, the Corporate Debtor ceased all payments. The Operational Creditor issued a demand notice on December 28, 2017, seeking Rs. 37,80,980 plus interest at 18% p.a. The Corporate Debtor, in replies dated June 19, 2017, March 13, 2018, and April 5, 2018, admitted its liability but expressed helplessness due to market conditions and tax regimes. The Operational Creditor filed an affidavit stating no prior disputes existed. The Corporate
…Operational Creditor advanced Rs. 63,00,000…
Corporate Debtor…