Sri Jaiprakash Jaiswal, the Sole Proprietor of OM Traders, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 2,14,99,995.73, including principal and interest. The Corporate Debtor contested the application, citing an ongoing Income Tax Department investigation into alleged bogus purchases by the Operational Creditor.
Sri Jaiprakash Jaiswal, the Sole Proprietor of OM Traders (Operational Creditor), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited (Corporate Debtor), seeking initiation of CIRP. The Operational Creditor claimed a default of Rs. 2,14,99,995.73, including principal and interest calculated up to 28.02.2022. The default allegedly occurred between 24.11.2021 and 24.12.2021, based on invoices raised by the Corporate Debtor. The Corporate Debtor argued that the invoices were raised against purchase orders placed in November and December 2021. The Corporate Debtor further submitted that the Income Tax Department conducted a search and seizure operation on December 07, 2021, and subsequent dates, and raised concerns
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The Corporate Debtor…
The Corporate Debtor placed six purchase orders…
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Sri Jaiprakash Jaiswal, the Sole Proprietor of OM Traders, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 2,14,99,995.73, including principal and interest. The Corporate Debtor contested the application, citing an ongoing Income Tax Department investigation into alleged bogus purchases by the Operational Creditor.
Sri Jaiprakash Jaiswal, the Sole Proprietor of OM Traders (Operational Creditor), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against APL Metals Limited (Corporate Debtor), seeking initiation of CIRP. The Operational Creditor claimed a default of Rs. 2,14,99,995.73, including principal and interest calculated up to 28.02.2022. The default allegedly occurred between 24.11.2021 and 24.12.2021, based on invoices raised by the Corporate Debtor. The Corporate Debtor argued that the invoices were raised against purchase orders placed in November and December 2021. The Corporate Debtor further submitted that the Income Tax Department conducted a search and seizure operation on December 07, 2021, and subsequent dates, and raised concerns
…The Corporate Debtor…
The Corporate Debtor placed six purchase orders…
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