N.V. Aluminium Cast Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 2,17,34,005.86, including a principal amount of Rs. 2,10,58,967 and interest. The Corporate Debtor contested the application, alleging that the Operational Creditor had issued bogus invoices and failed to prove payment of GST liability. The Income Tax Department conducted a search and seizure operation, raising concerns about bogus purchases by the Corporate Debtor from the Operational Creditor.
N.V. Aluminium Cast Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed a default of Rs. 2,17,34,005.86, including principal and interest. The Corporate Debtor argued that the Operational Creditor issued bogus invoices. The Income Tax Department conducted a search and seizure operation and found that the Operational Creditor supplied bogus bills to the Corporate Debtor. The director of the Operational Creditor admitted to issuing bogus purchase bills. The Income Tax Department's assessment order revealed evasion of GST and bogus sales by the Operational Creditor. The Operational Creditor failed to prove
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APL Metals Limited approached N.V. Aluminium…
Corporate Debtor placed purchase orders…
N.V. Aluminium Cast Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 2,17,34,005.86, including a principal amount of Rs. 2,10,58,967 and interest. The Corporate Debtor contested the application, alleging that the Operational Creditor had issued bogus invoices and failed to prove payment of GST liability. The Income Tax Department conducted a search and seizure operation, raising concerns about bogus purchases by the Corporate Debtor from the Operational Creditor.
N.V. Aluminium Cast Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed a default of Rs. 2,17,34,005.86, including principal and interest. The Corporate Debtor argued that the Operational Creditor issued bogus invoices. The Income Tax Department conducted a search and seizure operation and found that the Operational Creditor supplied bogus bills to the Corporate Debtor. The director of the Operational Creditor admitted to issuing bogus purchase bills. The Income Tax Department's assessment order revealed evasion of GST and bogus sales by the Operational Creditor. The Operational Creditor failed to prove
…APL Metals Limited approached N.V. Aluminium…
Corporate Debtor placed purchase orders…