Millenium Enterprise, the Operational Creditor, filed a Company Petition on 2023-04-15 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Al-Rkayan Apparels and Exports Pvt. Ltd., the Corporate Debtor, due to a default in payment of an operational debt amounting to Rs. 1,65,24,002/-. The debt arose from the supply of steel and iron products by the Operational Creditor to the Corporate Debtor for its redevelopment project. The Corporate Debtor acknowledged the debt but failed to clear the outstanding amount.
Millenium Enterprise (Operational Creditor) supplied steel and iron products to Al-Rkayan Apparels and Exports Pvt. Ltd. (Corporate Debtor) for its redevelopment project. The Operational Creditor provided an invoice/quotation on 2022-09-26 for Rs. 1,65,24,002/-. The Corporate Debtor issued three purchase orders: 0035/22-23 (Rs. 48,48,915/-), 0041/22-23 (Rs. 53,61,974/-), and 0045/22-23 (Rs. 63,13,113/-). The Operational Creditor delivered the materials and issued corresponding tax invoices, which were received and acknowledged by the Corporate Debtor. The due dates for the tax invoices were 2022-11-13, 2023-01-18, and 2023-01-25. The Corporate Debtor requested a cumulative payment, which the Operational Creditor agreed to. A reminder letter was sent on 2023-02-15, and
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Millenium Enterprise, the Operational Creditor, filed a Company Petition on 2023-04-15 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Al-Rkayan Apparels and Exports Pvt. Ltd., the Corporate Debtor, due to a default in payment of an operational debt amounting to Rs. 1,65,24,002/-. The debt arose from the supply of steel and iron products by the Operational Creditor to the Corporate Debtor for its redevelopment project. The Corporate Debtor acknowledged the debt but failed to clear the outstanding amount.
Millenium Enterprise (Operational Creditor) supplied steel and iron products to Al-Rkayan Apparels and Exports Pvt. Ltd. (Corporate Debtor) for its redevelopment project. The Operational Creditor provided an invoice/quotation on 2022-09-26 for Rs. 1,65,24,002/-. The Corporate Debtor issued three purchase orders: 0035/22-23 (Rs. 48,48,915/-), 0041/22-23 (Rs. 53,61,974/-), and 0045/22-23 (Rs. 63,13,113/-). The Operational Creditor delivered the materials and issued corresponding tax invoices, which were received and acknowledged by the Corporate Debtor. The due dates for the tax invoices were 2022-11-13, 2023-01-18, and 2023-01-25. The Corporate Debtor requested a cumulative payment, which the Operational Creditor agreed to. A reminder letter was sent on 2023-02-15, and
…Operational Creditor…
Corporate Debtor issued…