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). The Operational Creditor claimed a default of Rs. 2,14,99,995.73, including a principal amount of Rs. 2,08,62,129/- and interest of Rs. 6,37,866.73/- as on 28.02.2022. The default allegedly occurred between 24.11.2021 and 24.12.2021, based on invoices raised by the Corporate Debtor. The Demand Notice in Form – 3 dated 01.03.2022, was served on the Corporate Debtor on 02.03.2022. The Corporate Debtor argued that the Income Tax Department was investigating the Operational Creditor for bogus purchases. The Income Tax Department's assessment order dated 30.12.2022
…Sign in to view the parties.
The Corporate Debtor approached the Operational…
The Corporate Debtor…
Sign in to view related legal provisions.
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). The Operational Creditor claimed a default of Rs. 2,14,99,995.73, including a principal amount of Rs. 2,08,62,129/- and interest of Rs. 6,37,866.73/- as on 28.02.2022. The default allegedly occurred between 24.11.2021 and 24.12.2021, based on invoices raised by the Corporate Debtor. The Demand Notice in Form – 3 dated 01.03.2022, was served on the Corporate Debtor on 02.03.2022. The Corporate Debtor argued that the Income Tax Department was investigating the Operational Creditor for bogus purchases. The Income Tax Department's assessment order dated 30.12.2022
…The Corporate Debtor approached the Operational…
The Corporate Debtor…
Sign in to view related legal provisions.