The case involves an application filed by M/s. Sicagen India Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Thiruchitambalam Projects Limited (Corporate Debtor). The Operational Creditor claimed a sum of Rs. 10,50,911/- due and payable by the Corporate Debtor for the supply of TMT Steels. The Corporate Debtor did not appear, and the Tribunal proceeded ex-parte.
M/s. Sicagen India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Thiruchitambalam Projects Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 10,50,911/- for the supply of 50 MT of TMT Steels of various sizes for building constructions, based on purchase orders issued in September 2014. The Operational Creditor submitted that they promptly supplied the materials as per the schedule and raised invoices. The credit period for payment was 30 days from the date of delivery. The Corporate Debtor was irregular in payments and paid in installments with delays. A demand notice was issued on 15.02.2019 under Section 8 of IBC, 2016.
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Corporate Debtor issued…
Corporate Debtor issued Purchase Order…
The case involves an application filed by M/s. Sicagen India Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Thiruchitambalam Projects Limited (Corporate Debtor). The Operational Creditor claimed a sum of Rs. 10,50,911/- due and payable by the Corporate Debtor for the supply of TMT Steels. The Corporate Debtor did not appear, and the Tribunal proceeded ex-parte.
M/s. Sicagen India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Thiruchitambalam Projects Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 10,50,911/- for the supply of 50 MT of TMT Steels of various sizes for building constructions, based on purchase orders issued in September 2014. The Operational Creditor submitted that they promptly supplied the materials as per the schedule and raised invoices. The credit period for payment was 30 days from the date of delivery. The Corporate Debtor was irregular in payments and paid in installments with delays. A demand notice was issued on 15.02.2019 under Section 8 of IBC, 2016.
…Corporate Debtor issued…
Corporate Debtor issued Purchase Order…