The case involves an application filed by Sunflag Iron & Steel Company Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Adico Forge Private Limited (Corporate Debtor). The Operational Creditor alleges that the Corporate Debtor defaulted in making payments for the supply of hot rolled steel.
Sunflag Iron & Steel Company Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adico Forge Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of hot rolled steel. The total outstanding amount was Rs. 1,60,04,297.00. The Corporate Debtor had placed four purchase orders with the Operational Creditor. The Operational Creditor supplied the materials and raised invoices aggregating to Rs. 2,04,66,847.00. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, on September 18, 2021. The Corporate Debtor made a payment of Rs. 10,00,000 on
…Sign in to view the parties.
Operational Creditor issued a demand notice…
The Corporate Debtor…
The case involves an application filed by Sunflag Iron & Steel Company Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Adico Forge Private Limited (Corporate Debtor). The Operational Creditor alleges that the Corporate Debtor defaulted in making payments for the supply of hot rolled steel.
Sunflag Iron & Steel Company Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adico Forge Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of hot rolled steel. The total outstanding amount was Rs. 1,60,04,297.00. The Corporate Debtor had placed four purchase orders with the Operational Creditor. The Operational Creditor supplied the materials and raised invoices aggregating to Rs. 2,04,66,847.00. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, on September 18, 2021. The Corporate Debtor made a payment of Rs. 10,00,000 on
…Operational Creditor issued a demand notice…
The Corporate Debtor…