Soubhagya Minerals (Operational Creditor) filed a Section 9 IBC application against Nilachakra Metal Processors Pvt. Ltd. (Corporate Debtor) for an operational debt of Rs. 2,85,12,301/- arising from the supply of Iron Ore. The Corporate Debtor disputed the claim, alleging forgery of purchase orders, supply of low-grade material, and a pre-existing dispute, further claiming a settlement had been reached for a much lower amount and that criminal proceedings were initiated against the Operational Creditor's partner.
Soubhagya Minerals (Operational Creditor) filed a Section 9 IBC application against Nilachakra Metal Processors Pvt. Ltd. (Corporate Debtor) for an operational debt of Rs. 2,85,12,301/-.
The debt arose from the supply of Iron Ore by Soubhagya Minerals to Nilachakra Metal Processors Pvt. Ltd. between 2019 and 2021, based on various Purchase Orders and Tax Invoices.
The Corporate Debtor made part payments on a running account basis but progressively delayed payments, leaving an outstanding amount.
Soubhagya Minerals issued a Section 8 Demand Notice on 07.03.2024 for Rs. 4,50,60,871/-, which the Corporate Debtor received on 09.03.2024.
The Corporate Debtor responded to the Demand Notice on 18.03.2024, which the Applicant claims admitted the debt.
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The Corporate Debtor issued various Purchase…
The Applicant supplied Iron Ore to the…
Soubhagya Minerals (Operational Creditor) filed a Section 9 IBC application against Nilachakra Metal Processors Pvt. Ltd. (Corporate Debtor) for an operational debt of Rs. 2,85,12,301/- arising from the supply of Iron Ore. The Corporate Debtor disputed the claim, alleging forgery of purchase orders, supply of low-grade material, and a pre-existing dispute, further claiming a settlement had been reached for a much lower amount and that criminal proceedings were initiated against the Operational Creditor's partner.
Soubhagya Minerals (Operational Creditor) filed a Section 9 IBC application against Nilachakra Metal Processors Pvt. Ltd. (Corporate Debtor) for an operational debt of Rs. 2,85,12,301/-.
The debt arose from the supply of Iron Ore by Soubhagya Minerals to Nilachakra Metal Processors Pvt. Ltd. between 2019 and 2021, based on various Purchase Orders and Tax Invoices.
The Corporate Debtor made part payments on a running account basis but progressively delayed payments, leaving an outstanding amount.
Soubhagya Minerals issued a Section 8 Demand Notice on 07.03.2024 for Rs. 4,50,60,871/-, which the Corporate Debtor received on 09.03.2024.
The Corporate Debtor responded to the Demand Notice on 18.03.2024, which the Applicant claims admitted the debt.
…The Corporate Debtor issued various Purchase…
The Applicant supplied Iron Ore to the…