The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jay Manak Steels, an operational creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Yogi Infrastructure Pvt. Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment for supplied steel goods. The corporate debtor denied the allegations, claiming the goods were of low quality and defective.
M/s. Jay Manak Steels, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Yogi Infrastructure Pvt. Ltd., the corporate debtor. Jay Manak Steels claimed that it supplied steel goods (MS Angle) to Yogi Infrastructure Pvt. Ltd. for a total value of Rs.27,17,818/-. As per the invoices, the payment was to be made within 2 to 7 days, with a 24% interest on delayed payments. Yogi Infrastructure Pvt. Ltd. paid Rs.17,74,977/-, leaving a balance of Rs.9,42,841/- as of 22.09.2017. Jay Manak Steels issued a demand notice on 06.04.2018, which was neglected by Yogi Infrastructure Pvt. Ltd. The corporate debtor claimed the supplied goods were of low quality
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Yogi Infrastructure Pvt. Ltd. was incorporated…
The remaining amount…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jay Manak Steels, an operational creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Yogi Infrastructure Pvt. Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment for supplied steel goods. The corporate debtor denied the allegations, claiming the goods were of low quality and defective.
M/s. Jay Manak Steels, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Yogi Infrastructure Pvt. Ltd., the corporate debtor. Jay Manak Steels claimed that it supplied steel goods (MS Angle) to Yogi Infrastructure Pvt. Ltd. for a total value of Rs.27,17,818/-. As per the invoices, the payment was to be made within 2 to 7 days, with a 24% interest on delayed payments. Yogi Infrastructure Pvt. Ltd. paid Rs.17,74,977/-, leaving a balance of Rs.9,42,841/- as of 22.09.2017. Jay Manak Steels issued a demand notice on 06.04.2018, which was neglected by Yogi Infrastructure Pvt. Ltd. The corporate debtor claimed the supplied goods were of low quality
…Yogi Infrastructure Pvt. Ltd. was incorporated…
The remaining amount…