The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by RKSK Steel India Limited, the Operational Creditor/Applicant, against Apace Builders and Contractors Pvt. Ltd., the Corporate Debtor/Respondent, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for TMT bars supplied for their business purposes. The Corporate Debtor contested the application, claiming a pre-existing dispute due to an amicable settlement involving the allotment of flats in a group housing project in lieu of the outstanding debt.
RKSK Steel India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Apace Builders and Contractors Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that they supplied TMT bars to the Corporate Debtor for several years. The Corporate Debtor allegedly issued three cheques dated 07.11.2019, each for Rs. 1,00,00,000/- and Rs. 31,51,500/-, which were dishonored due to 'Payment stopped by drawer'. The last payment was received on 23.10.2020, with a total outstanding amount of Rs. 1,59,91,031/-. The Operational Creditor sent a demand notice dated 16.04.2021, followed by another on 11.08.2021, and finally via email. The Corporate
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Corporate Debtor issued 3 cheques dated…
The Operational…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by RKSK Steel India Limited, the Operational Creditor/Applicant, against Apace Builders and Contractors Pvt. Ltd., the Corporate Debtor/Respondent, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for TMT bars supplied for their business purposes. The Corporate Debtor contested the application, claiming a pre-existing dispute due to an amicable settlement involving the allotment of flats in a group housing project in lieu of the outstanding debt.
RKSK Steel India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Apace Builders and Contractors Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that they supplied TMT bars to the Corporate Debtor for several years. The Corporate Debtor allegedly issued three cheques dated 07.11.2019, each for Rs. 1,00,00,000/- and Rs. 31,51,500/-, which were dishonored due to 'Payment stopped by drawer'. The last payment was received on 23.10.2020, with a total outstanding amount of Rs. 1,59,91,031/-. The Operational Creditor sent a demand notice dated 16.04.2021, followed by another on 11.08.2021, and finally via email. The Corporate
…Corporate Debtor issued 3 cheques dated…
The Operational…