The case involves a Company Petition filed by OM Industries, the Operational Creditor, against Birla Precision Technologies Ltd., the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 1,55,57,967.00. The petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor claimed to have supplied resin coated sand to the Corporate Debtor based on several purchase orders and raised 62 invoices between 07.11.2020 and 30.07.2021. The Corporate Debtor made partial payments of Rs. 2,71,400/- and Rs. 2,49,240/- on 30.07.2021 and 13.08.2021, respectively. The Operational Creditor issued a demand notice on 18.09.2021.
OM Industries, an Operational Creditor, filed a petition to initiate CIRP against Birla Precision Technologies Ltd., the Corporate Debtor, for a default of Rs. 1,55,57,967.00. OM Industries supplied resin coated sand to Birla Precision based on purchase orders, raising 62 invoices from 07.11.2020 to 30.07.2021. Birla Precision made part payments totaling Rs. 5,20,640.00. OM Industries issued a demand notice on 18.09.2021. Birla Precision argued that many invoices were time-barred under Section 10A of the IBC (defaults occurring between 25.03.2020 and 25.03.2021) and that there was a pre-existing dispute regarding the quality of goods. The NCLT found that 31 invoices fell within the Section 10A period, and the remaining invoices, after deducting part payments, were
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Corporate Debto…
Corporate Debto…
The case involves a Company Petition filed by OM Industries, the Operational Creditor, against Birla Precision Technologies Ltd., the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 1,55,57,967.00. The petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor claimed to have supplied resin coated sand to the Corporate Debtor based on several purchase orders and raised 62 invoices between 07.11.2020 and 30.07.2021. The Corporate Debtor made partial payments of Rs. 2,71,400/- and Rs. 2,49,240/- on 30.07.2021 and 13.08.2021, respectively. The Operational Creditor issued a demand notice on 18.09.2021.
OM Industries, an Operational Creditor, filed a petition to initiate CIRP against Birla Precision Technologies Ltd., the Corporate Debtor, for a default of Rs. 1,55,57,967.00. OM Industries supplied resin coated sand to Birla Precision based on purchase orders, raising 62 invoices from 07.11.2020 to 30.07.2021. Birla Precision made part payments totaling Rs. 5,20,640.00. OM Industries issued a demand notice on 18.09.2021. Birla Precision argued that many invoices were time-barred under Section 10A of the IBC (defaults occurring between 25.03.2020 and 25.03.2021) and that there was a pre-existing dispute regarding the quality of goods. The NCLT found that 31 invoices fell within the Section 10A period, and the remaining invoices, after deducting part payments, were
…Corporate Debto…
Corporate Debto…