The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Madhur Engineers Private Limited, an Operational Creditor, against M/s Varad Forge Private Limited, the Corporate Debtor. The Operational Creditor initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of Rs. 36,63,816.00, along with an interest amount of Rs. 3,05,351/- at 18% per annum from July 15, 2015, to January 5, 2016, and further interest at 18% per annum from January 6, 2016, until the realization of the claim.
M/s Madhur Engineers Private Limited (Operational Creditor) is engaged in the business of trading special purpose carbon/alloy steel and bright bars. M/s Varad Forge Private Limited (Corporate Debtor) approached the Operational Creditor on May 28, 2013, for the supply of various quantities and sizes of forging grade alloy steel. The Operational Creditor agreed to supply the materials for a consideration of Rs. 40,15,593/- and issued tax invoices. The Corporate Debtor defaulted in making the repayment of Rs. 36,63,816.00. The Operational Creditor sent an email dated September 3, 2015, acknowledging the outstanding bills and expressing intentions to pay, but no payment was made. A Demand Notice under Section 8 of the IBC, 2016, was sent on July 4, 2017, and received by
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M/s Varad Forge Private Limited approached M/s…
Interest at 18% per…
The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Madhur Engineers Private Limited, an Operational Creditor, against M/s Varad Forge Private Limited, the Corporate Debtor. The Operational Creditor initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of Rs. 36,63,816.00, along with an interest amount of Rs. 3,05,351/- at 18% per annum from July 15, 2015, to January 5, 2016, and further interest at 18% per annum from January 6, 2016, until the realization of the claim.
M/s Madhur Engineers Private Limited (Operational Creditor) is engaged in the business of trading special purpose carbon/alloy steel and bright bars. M/s Varad Forge Private Limited (Corporate Debtor) approached the Operational Creditor on May 28, 2013, for the supply of various quantities and sizes of forging grade alloy steel. The Operational Creditor agreed to supply the materials for a consideration of Rs. 40,15,593/- and issued tax invoices. The Corporate Debtor defaulted in making the repayment of Rs. 36,63,816.00. The Operational Creditor sent an email dated September 3, 2015, acknowledging the outstanding bills and expressing intentions to pay, but no payment was made. A Demand Notice under Section 8 of the IBC, 2016, was sent on July 4, 2017, and received by
…M/s Varad Forge Private Limited approached M/s…
Interest at 18% per…