Bhushan Power & Steel Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.G. Pipes Pvt. Ltd., the corporate debtor, for defaulting on a payment of Rs. 2,14,71,017.1/-. The corporate debtor argued that the application was not maintainable under Section 4 of the IBC, 2016, as the principal amount of the operational debt was less than 1 Crore. The operational creditor contended that the total debt due was Rs. 2,14,71,017.1 as of 30.09.2021, including principal and interest. The corporate debtor also argued that the invoices were raised in the name of A.G. Pipes, a sole proprietorship, and not A.G. Pipes Pvt. Ltd., the corporate debtor.
Bhushan Power & Steel Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.G. Pipes Pvt. Ltd. (Corporate Debtor) for defaulting on a payment. The Operational Creditor claimed a total debt of Rs. 2,14,71,017.1/- as of 30.09.2021, including a principal amount of Rs. 1,49,04,757/- and interest of Rs. 65,66,260.07/-. The Corporate Debtor argued that the application was not maintainable under Section 4 of the IBC, 2016, because the principal amount of the operational debt was less than 1 Crore. The Corporate Debtor also contended that the invoices were raised in the name of A.G. Pipes, a sole proprietorship, and not A.G. Pipes Pvt. Ltd., the
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A.G. Pipes Private Limited was incorporated…
The present petition was filed before the…
Bhushan Power & Steel Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.G. Pipes Pvt. Ltd., the corporate debtor, for defaulting on a payment of Rs. 2,14,71,017.1/-. The corporate debtor argued that the application was not maintainable under Section 4 of the IBC, 2016, as the principal amount of the operational debt was less than 1 Crore. The operational creditor contended that the total debt due was Rs. 2,14,71,017.1 as of 30.09.2021, including principal and interest. The corporate debtor also argued that the invoices were raised in the name of A.G. Pipes, a sole proprietorship, and not A.G. Pipes Pvt. Ltd., the corporate debtor.
Bhushan Power & Steel Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.G. Pipes Pvt. Ltd. (Corporate Debtor) for defaulting on a payment. The Operational Creditor claimed a total debt of Rs. 2,14,71,017.1/- as of 30.09.2021, including a principal amount of Rs. 1,49,04,757/- and interest of Rs. 65,66,260.07/-. The Corporate Debtor argued that the application was not maintainable under Section 4 of the IBC, 2016, because the principal amount of the operational debt was less than 1 Crore. The Corporate Debtor also contended that the invoices were raised in the name of A.G. Pipes, a sole proprietorship, and not A.G. Pipes Pvt. Ltd., the
…A.G. Pipes Private Limited was incorporated…
The present petition was filed before the…