Power2SME Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the IBC seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Uttam Strips Ltd. due to its inability to liquidate its financial debts. The operational creditor had supplied goods to the corporate debtor under various purchase orders, leading to an outstanding debt.
Power2SME Pvt. Ltd. (Operational Creditor) supplied goods to Uttam Strips Ltd. (Corporate Debtor) under various purchase orders, resulting in an outstanding sum of Rs. 17,61,98,341. The Corporate Debtor acknowledged the liability, admitting to owing more than Rs. 16.21 crores via emails dated 27.03.2017 and 22.07.2017. The Corporate Debtor issued cheques that were dishonored with the memo 'Exceeds Arrangements'. The Operational Creditor issued a demand notice under Section 8 of the IBC, to which no reply was given. The Corporate Debtor admitted the outstanding liability through their advocate but claimed inability to repay. The Operational Creditor then filed a petition under Section 9 of the IBC for initiation of CIRP.
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Corporate Debtor sent…
Corporate Debtor sent…
Power2SME Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the IBC seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Uttam Strips Ltd. due to its inability to liquidate its financial debts. The operational creditor had supplied goods to the corporate debtor under various purchase orders, leading to an outstanding debt.
Power2SME Pvt. Ltd. (Operational Creditor) supplied goods to Uttam Strips Ltd. (Corporate Debtor) under various purchase orders, resulting in an outstanding sum of Rs. 17,61,98,341. The Corporate Debtor acknowledged the liability, admitting to owing more than Rs. 16.21 crores via emails dated 27.03.2017 and 22.07.2017. The Corporate Debtor issued cheques that were dishonored with the memo 'Exceeds Arrangements'. The Operational Creditor issued a demand notice under Section 8 of the IBC, to which no reply was given. The Corporate Debtor admitted the outstanding liability through their advocate but claimed inability to repay. The Operational Creditor then filed a petition under Section 9 of the IBC for initiation of CIRP.
Corporate Debtor sent…
Corporate Debtor sent…