Bharat Industrial Projects Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Anupam Industries Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The applicant, an operational creditor, claimed a default amount of Rs.2,73,54,640/- due to the execution of an order. A demand notice under Section 8 of the IBC was duly received by the corporate debtor but was not replied to. The applicant is a registered MSME unit engaged in repair, maintenance, erection, and commissioning of various types of cranes and had received an order from the corporate debtor to erect 22 cranes. The corporate debtor stopped paying the bills from 30.01.2017 and later paid Rs.10,00,000/- on 10.01.2018. The applicant then filed an
…Bharat Industrial Projects Pvt. Ltd. (the Applicant), an operational creditor and a registered MSME unit, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Anupam Industries Ltd. (the Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Applicant claimed a default amount of Rs.2,73,54,640/- due to the execution of an order for erecting cranes. The Corporate Debtor had stopped paying bills from 30.01.2017, making a partial payment of Rs.10,00,000/- on 10.01.2018. The Applicant obtained an ex-parte Arbitral Award from the MSME Tribunal, Odisha, on 16.11.2019. However, the District Court, Sundargarh, quashed the Arbitral Award, and the High Court of Orissa confirmed this decision. The Corporate
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Anupam Industries Ltd.…
Anupam Industries Ltd.…
Bharat Industrial Projects Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Anupam Industries Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The applicant, an operational creditor, claimed a default amount of Rs.2,73,54,640/- due to the execution of an order. A demand notice under Section 8 of the IBC was duly received by the corporate debtor but was not replied to. The applicant is a registered MSME unit engaged in repair, maintenance, erection, and commissioning of various types of cranes and had received an order from the corporate debtor to erect 22 cranes. The corporate debtor stopped paying the bills from 30.01.2017 and later paid Rs.10,00,000/- on 10.01.2018. The applicant then filed an
…Bharat Industrial Projects Pvt. Ltd. (the Applicant), an operational creditor and a registered MSME unit, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Anupam Industries Ltd. (the Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Applicant claimed a default amount of Rs.2,73,54,640/- due to the execution of an order for erecting cranes. The Corporate Debtor had stopped paying bills from 30.01.2017, making a partial payment of Rs.10,00,000/- on 10.01.2018. The Applicant obtained an ex-parte Arbitral Award from the MSME Tribunal, Odisha, on 16.11.2019. However, the District Court, Sundargarh, quashed the Arbitral Award, and the High Court of Orissa confirmed this decision. The Corporate
…Anupam Industries Ltd.…
Anupam Industries Ltd.…