The case involves 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 it had advanced Rs. 63,00,000 to the corporate debtor for the purchase of iron billets in 2010, but the corporate debtor failed to deliver the goods and only refunded a portion of the amount. The operational creditor issued a demand notice under Section 8 of the Code, but the corporate debtor failed to pay the outstanding amount.
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 but failed to supply the Iron Billets. The Corporate Debtor only refunded Rs. 25,19,020 towards the debt. From March 28, 2017, the Corporate Debtor stopped making payments. The Operational Creditor claimed Rs. 37,80,980 plus interest at 12% p.a. from March 28, 2017. The Corporate Debtor admitted its liability in letters dated June 19, 2017, March 13, 2018, and April 5, 2018, requesting more time to repay due to market conditions. The Operational Creditor issued a demand notice on December 28, 2017, under Section 8 of the Insolvency and
…Sign in to view the parties.
Operational Creditor…
Corporate Debtor…
The case involves 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 it had advanced Rs. 63,00,000 to the corporate debtor for the purchase of iron billets in 2010, but the corporate debtor failed to deliver the goods and only refunded a portion of the amount. The operational creditor issued a demand notice under Section 8 of the Code, but the corporate debtor failed to pay the outstanding amount.
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 but failed to supply the Iron Billets. The Corporate Debtor only refunded Rs. 25,19,020 towards the debt. From March 28, 2017, the Corporate Debtor stopped making payments. The Operational Creditor claimed Rs. 37,80,980 plus interest at 12% p.a. from March 28, 2017. The Corporate Debtor admitted its liability in letters dated June 19, 2017, March 13, 2018, and April 5, 2018, requesting more time to repay due to market conditions. The Operational Creditor issued a demand notice on December 28, 2017, under Section 8 of the Insolvency and
…Operational Creditor…
Corporate Debtor…