The case involves a company petition filed under Sections 433 and 434 of the Companies Act, 1956, against Transparent Technologies Pvt. Ltd. (Corporate Debtor) by Multi Trade (Operational Creditor) before the High Court of Bombay. The matter was later transferred to the NCLT Mumbai Bench due to jurisdictional changes following the introduction of the Insolvency & Bankruptcy Code, 2016. Multi Trade, a proprietary concern supplying stainless steel raw materials, claimed that the Corporate Debtor defaulted on payments for supplied goods. The Operational Creditor raised 13 invoices between August and October 2012, totaling ₹22,28,678. The Corporate Debtor made part payments over time, but a significant amount remained outstanding, including principal and interest. The
…Multi Trade, a proprietary concern, supplied stainless steel raw materials to Transparent Technologies Pvt. Ltd. (Corporate Debtor). Between August and October 2012, Multi Trade raised 13 invoices totaling ₹22,28,678. The invoices included a clause for 24% per annum interest on overdue amounts, with varying credit periods of 30 or 90 days. The Corporate Debtor made part payments totaling ₹13,70,600 between April 2013 and February 2015. Multi Trade adjusted these payments against outstanding invoices to save limitation. After February 2015, no further payments were made. Multi Trade issued a notice under Section 434 of the Companies Act, 1956, demanding ₹18,28,348.78 as of October 25, 2015. The Corporate Debtor replied, acknowledging the debt but citing financial
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Multi Trade raised 13…
Corporate Debtor made part payments between…
The case involves a company petition filed under Sections 433 and 434 of the Companies Act, 1956, against Transparent Technologies Pvt. Ltd. (Corporate Debtor) by Multi Trade (Operational Creditor) before the High Court of Bombay. The matter was later transferred to the NCLT Mumbai Bench due to jurisdictional changes following the introduction of the Insolvency & Bankruptcy Code, 2016. Multi Trade, a proprietary concern supplying stainless steel raw materials, claimed that the Corporate Debtor defaulted on payments for supplied goods. The Operational Creditor raised 13 invoices between August and October 2012, totaling ₹22,28,678. The Corporate Debtor made part payments over time, but a significant amount remained outstanding, including principal and interest. The
…Multi Trade, a proprietary concern, supplied stainless steel raw materials to Transparent Technologies Pvt. Ltd. (Corporate Debtor). Between August and October 2012, Multi Trade raised 13 invoices totaling ₹22,28,678. The invoices included a clause for 24% per annum interest on overdue amounts, with varying credit periods of 30 or 90 days. The Corporate Debtor made part payments totaling ₹13,70,600 between April 2013 and February 2015. Multi Trade adjusted these payments against outstanding invoices to save limitation. After February 2015, no further payments were made. Multi Trade issued a notice under Section 434 of the Companies Act, 1956, demanding ₹18,28,348.78 as of October 25, 2015. The Corporate Debtor replied, acknowledging the debt but citing financial
…Multi Trade raised 13…
Corporate Debtor made part payments between…