The case involves a Company Petition filed by BS Limited (Operational Creditor) against Vedika Steels Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that it had been supplying Iron & Steel (MS Angles) to the Corporate Debtor on credit basis. The Corporate Debtor had not made any payments against the pending invoices since March 2016, leading to a significant outstanding amount.
BS Limited, the Operational Creditor, filed a Company Petition against Vedika Steels Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. BS Limited claimed that it supplied Iron & Steel (MS Angles) to Vedika Steels on credit. Since March 2016, Vedika Steels failed to make payments against pending invoices. As of August 31, 2016, the unpaid bills amounted to Rs. 97,41,35,501. BS Limited stopped supplying goods and demanded payment. Vedika Steels requested time for payments but never cleared the dues. BS Limited's directors visited Vedika Steels' office to pursue recovery. As of May 31, 2018, the default amount remained Rs. 97,41,35,501. BS Limited provided a statement of outstanding dues and a balance confirmation
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Corporate Debtor…
The value of unpaid…
The case involves a Company Petition filed by BS Limited (Operational Creditor) against Vedika Steels Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that it had been supplying Iron & Steel (MS Angles) to the Corporate Debtor on credit basis. The Corporate Debtor had not made any payments against the pending invoices since March 2016, leading to a significant outstanding amount.
BS Limited, the Operational Creditor, filed a Company Petition against Vedika Steels Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. BS Limited claimed that it supplied Iron & Steel (MS Angles) to Vedika Steels on credit. Since March 2016, Vedika Steels failed to make payments against pending invoices. As of August 31, 2016, the unpaid bills amounted to Rs. 97,41,35,501. BS Limited stopped supplying goods and demanded payment. Vedika Steels requested time for payments but never cleared the dues. BS Limited's directors visited Vedika Steels' office to pursue recovery. As of May 31, 2018, the default amount remained Rs. 97,41,35,501. BS Limited provided a statement of outstanding dues and a balance confirmation
…Corporate Debtor…
The value of unpaid…