M/s Brahmi Steels, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Ambient Controls Private Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the ground that the corporate debtor had defaulted on a total outstanding amount of Rs. 3,27,96,405/-. The petitioner claimed to be a regular supplier of steel to the respondent for constructing industrial sheds, with business commencing in 2014. The respondent disputed the quality and quantity of materials supplied and also contended that the petition was barred by limitation.
M/s Brahmi Steels, the operational creditor, filed a petition under Section 9 of the IBC against M/s Ambient Controls Private Limited, the corporate debtor, for a default of Rs. 3,27,96,405/-. Brahmi Steels is a partnership firm registered under the MSME Act, engaged in trading branded steel. Ambient Controls is a private limited company registered under the Companies Act, 1956, involved in constructing industrial sheds. Business between the parties began in 2014, with the first material purchase on 16.11.2015. Thirteen invoices from 08.04.2017 to 19.03.2018 became overdue. The petitioner issued a demand notice on 23.07.2021, followed by another on 19.08.2021. The respondent disputed the quality and quantity of materials on 18.09.2021. The respondent contended that the
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M/s Brahmi Steels, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Ambient Controls Private Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the ground that the corporate debtor had defaulted on a total outstanding amount of Rs. 3,27,96,405/-. The petitioner claimed to be a regular supplier of steel to the respondent for constructing industrial sheds, with business commencing in 2014. The respondent disputed the quality and quantity of materials supplied and also contended that the petition was barred by limitation.
M/s Brahmi Steels, the operational creditor, filed a petition under Section 9 of the IBC against M/s Ambient Controls Private Limited, the corporate debtor, for a default of Rs. 3,27,96,405/-. Brahmi Steels is a partnership firm registered under the MSME Act, engaged in trading branded steel. Ambient Controls is a private limited company registered under the Companies Act, 1956, involved in constructing industrial sheds. Business between the parties began in 2014, with the first material purchase on 16.11.2015. Thirteen invoices from 08.04.2017 to 19.03.2018 became overdue. The petitioner issued a demand notice on 23.07.2021, followed by another on 19.08.2021. The respondent disputed the quality and quantity of materials on 18.09.2021. The respondent contended that the
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