This case involves an application filed by M/S. S.N. STEELS, Palakkad, an Operational Creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against A.P. STEEL RE ROLLING MILL LTD., Palakkad, the Corporate Debtor (CD). The OC claims a default in repayment of an operational debt amounting to Rs.2,64,38,134/- plus 12% interest p.a. from 24.03.2022 until 24.02.2024, totaling Rs.60,88,914/-.
M/S. S.N. STEELS, Palakkad (Operational Creditor), filed an application under Section 9 of the IBC for initiating CIRP against A.P. STEEL RE ROLLING MILL LTD., Palakkad (Corporate Debtor). The OC claimed that it supplied steel scrap to the CD between 23.07.2020 and 21.10.2020, and payments were due. The outstanding amount was Rs.2,64,38,134/- plus 12% interest p.a. from 24.03.2022 to 24.02.2024, totaling Rs.60,88,914/-. An agreement dated 06.05.2021 existed between the parties where the CD undertook to pay the outstanding amounts in installments commencing from 01.12.2021. The CD defaulted on 02.12.2021. The CD admitted to the debt but stated that it was under loss and could not meet its expenses due to the Covid-19 lockdown. The OC sent a demand notice on 24.02.2024.
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A.P. Steel Re Rolling…
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This case involves an application filed by M/S. S.N. STEELS, Palakkad, an Operational Creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against A.P. STEEL RE ROLLING MILL LTD., Palakkad, the Corporate Debtor (CD). The OC claims a default in repayment of an operational debt amounting to Rs.2,64,38,134/- plus 12% interest p.a. from 24.03.2022 until 24.02.2024, totaling Rs.60,88,914/-.
M/S. S.N. STEELS, Palakkad (Operational Creditor), filed an application under Section 9 of the IBC for initiating CIRP against A.P. STEEL RE ROLLING MILL LTD., Palakkad (Corporate Debtor). The OC claimed that it supplied steel scrap to the CD between 23.07.2020 and 21.10.2020, and payments were due. The outstanding amount was Rs.2,64,38,134/- plus 12% interest p.a. from 24.03.2022 to 24.02.2024, totaling Rs.60,88,914/-. An agreement dated 06.05.2021 existed between the parties where the CD undertook to pay the outstanding amounts in installments commencing from 01.12.2021. The CD defaulted on 02.12.2021. The CD admitted to the debt but stated that it was under loss and could not meet its expenses due to the Covid-19 lockdown. The OC sent a demand notice on 24.02.2024.
…A.P. Steel Re Rolling…
Start of the period…