The case involves a Company Petition filed by M/s Laxmi Corporation, the Operational Creditor, against M/s. Ambica Polad Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to an operational debt of Rs. 29,36,052/- including interest on delayed payments. The Operational Creditor had supplied steel bars and wire rods to the Corporate Debtor between September 2010 and March 2014, with invoices payable within 30 days, after which an 18% per annum interest would be applied to the outstanding amount.
M/s Laxmi Corporation (Operational Creditor) filed a Company Petition against M/s. Ambica Polad Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The operational debt claimed was Rs. 29,36,052/-, including interest on delayed payments. Between September 2010 and March 2014, the Operational Creditor supplied steel bars and wire rods to the Corporate Debtor, with invoices payable within 30 days, subject to 18% annual interest on outstanding amounts. In 2015, the Corporate Debtor issued seven cheques totaling a significant amount, which were dishonored due to insufficient funds. The Operational Creditor initiated proceedings under Section 138 of the Negotiable Instruments Act. A Memorandum of
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The Operational Creditor started supplying…
The Operational Creditor stopped supplying…
The case involves a Company Petition filed by M/s Laxmi Corporation, the Operational Creditor, against M/s. Ambica Polad Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to an operational debt of Rs. 29,36,052/- including interest on delayed payments. The Operational Creditor had supplied steel bars and wire rods to the Corporate Debtor between September 2010 and March 2014, with invoices payable within 30 days, after which an 18% per annum interest would be applied to the outstanding amount.
M/s Laxmi Corporation (Operational Creditor) filed a Company Petition against M/s. Ambica Polad Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The operational debt claimed was Rs. 29,36,052/-, including interest on delayed payments. Between September 2010 and March 2014, the Operational Creditor supplied steel bars and wire rods to the Corporate Debtor, with invoices payable within 30 days, subject to 18% annual interest on outstanding amounts. In 2015, the Corporate Debtor issued seven cheques totaling a significant amount, which were dishonored due to insufficient funds. The Operational Creditor initiated proceedings under Section 138 of the Negotiable Instruments Act. A Memorandum of
…The Operational Creditor started supplying…
The Operational Creditor stopped supplying…