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 that raised concerns about 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 calculated at 18% per annum, amounting to Rs. 6,37,866.73 as of 28.02.2022. The default allegedly occurred between 24.11.2021 and 24.12.2021, based on invoices raised by the Corporate Debtor. A demand notice dated 01.03.2022 was served on the Corporate Debtor on 02.03.2022, but no reply was received. The Corporate Debtor argued that the Operational Creditor and its group entities were under investigation by the Income Tax Department for
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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 that raised concerns about 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 calculated at 18% per annum, amounting to Rs. 6,37,866.73 as of 28.02.2022. The default allegedly occurred between 24.11.2021 and 24.12.2021, based on invoices raised by the Corporate Debtor. A demand notice dated 01.03.2022 was served on the Corporate Debtor on 02.03.2022, but no reply was received. The Corporate Debtor argued that the Operational Creditor and its group entities were under investigation by the Income Tax Department for
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Corporate Debtor placed…