The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Suresh Kumar Khandelwal, the sole proprietor of G.S. Alloys & Steels, against Ajay Protech Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on payments for goods supplied. The applicant is an authorized dealer of steel under Steel Authority of India Limited. The applicant supplied goods worth Rs. 9,42,50,267/- to the corporate debtor against an advance payment of Rs. 8,00,000/-. The corporate debtor made a total payment of Rs. 8,48,07,675/- during the period from 28.10.2016 to 09.05.2018. Goods worth Rs. 2,54,49,347/- were sold and supplied to the
…Suresh Kumar Khandelwal, the sole proprietor of G.S. Alloys & Steels, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Ajay Protech Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that Ajay Protech Private Limited defaulted on payments for goods supplied. The applicant is an authorized dealer of steel under Steel Authority of India Limited. The applicant supplied goods worth Rs. 9,42,50,267/- to the corporate debtor against an advance payment of Rs. 8,00,000/-. The corporate debtor made a total payment of Rs. 8,48,07,675/- during the period from 28.10.2016 to 09.05.2018. Goods worth Rs. 2,54,49,347/- were sold and supplied to the corporate debtor from its
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The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Suresh Kumar Khandelwal, the sole proprietor of G.S. Alloys & Steels, against Ajay Protech Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on payments for goods supplied. The applicant is an authorized dealer of steel under Steel Authority of India Limited. The applicant supplied goods worth Rs. 9,42,50,267/- to the corporate debtor against an advance payment of Rs. 8,00,000/-. The corporate debtor made a total payment of Rs. 8,48,07,675/- during the period from 28.10.2016 to 09.05.2018. Goods worth Rs. 2,54,49,347/- were sold and supplied to the
…Suresh Kumar Khandelwal, the sole proprietor of G.S. Alloys & Steels, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Ajay Protech Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that Ajay Protech Private Limited defaulted on payments for goods supplied. The applicant is an authorized dealer of steel under Steel Authority of India Limited. The applicant supplied goods worth Rs. 9,42,50,267/- to the corporate debtor against an advance payment of Rs. 8,00,000/-. The corporate debtor made a total payment of Rs. 8,48,07,675/- during the period from 28.10.2016 to 09.05.2018. Goods worth Rs. 2,54,49,347/- were sold and supplied to the corporate debtor from its
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Applicant supplied…