Patnaik Steel International Limited filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against SSAB Energy and Minerals Limited seeking initiation of Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 1,31,90,803/-.
Patnaik Steel International Limited (PSIL) is the Operational Creditor (OC) engaged in the business of trading Iron Ore.
SSAB Energy and Minerals Limited (SEML) is the Corporate Debtor (CD) engaged in the business of manufacturing refined petroleum products.
Pursuant to a purchase order dated 31.12.2021, PSIL supplied 7,700 MT of Iron Ore Fines to SEML.
The total invoice amount was Rs. 2,86,90,803/-, out of which the CD made partial payments totalling Rs. 1,55,00,000/-.
The outstanding balance of Rs. 1,31,90,803/- has been due and outstanding since 13.05.2022.
The OC issued a statutory demand notice in Form-3 dated 03.02.2025.
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Date of the purchase…
One of the invoice…
Patnaik Steel International Limited filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against SSAB Energy and Minerals Limited seeking initiation of Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 1,31,90,803/-.
Patnaik Steel International Limited (PSIL) is the Operational Creditor (OC) engaged in the business of trading Iron Ore.
SSAB Energy and Minerals Limited (SEML) is the Corporate Debtor (CD) engaged in the business of manufacturing refined petroleum products.
Pursuant to a purchase order dated 31.12.2021, PSIL supplied 7,700 MT of Iron Ore Fines to SEML.
The total invoice amount was Rs. 2,86,90,803/-, out of which the CD made partial payments totalling Rs. 1,55,00,000/-.
The outstanding balance of Rs. 1,31,90,803/- has been due and outstanding since 13.05.2022.
The OC issued a statutory demand notice in Form-3 dated 03.02.2025.
…Date of the purchase…
One of the invoice…