The case involves an application filed by M/s. Oyster Steel and Iron Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Brilliant Metals Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for copper wire rods supplied on credit. The corporate debtor contested the application, raising objections regarding the maintainability of the petition, limitation, and the nature of the transaction.
M/s. Oyster Steel and Iron Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Brilliant Metals Private Limited (Corporate Debtor). The Operational Creditor claimed that they supplied copper wire rods worth Rs. 10,58,62,877/- to the Corporate Debtor on credit between 09.05.2015 and 30.06.2015, with an understanding that payments would be made within 120 days. The Operational Creditor alleged that Rs. 5,15,41,000/- remained unpaid. The Corporate Debtor made various on-account payments, with the last payment of Rs. 24,00,000/- received on 15.03.2018. The Corporate Debtor denied the debt, stating that debit notes were issued for
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Operational creditor…
Operational creditor…
The case involves an application filed by M/s. Oyster Steel and Iron Private Limited, the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Brilliant Metals Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for copper wire rods supplied on credit. The corporate debtor contested the application, raising objections regarding the maintainability of the petition, limitation, and the nature of the transaction.
M/s. Oyster Steel and Iron Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Brilliant Metals Private Limited (Corporate Debtor). The Operational Creditor claimed that they supplied copper wire rods worth Rs. 10,58,62,877/- to the Corporate Debtor on credit between 09.05.2015 and 30.06.2015, with an understanding that payments would be made within 120 days. The Operational Creditor alleged that Rs. 5,15,41,000/- remained unpaid. The Corporate Debtor made various on-account payments, with the last payment of Rs. 24,00,000/- received on 15.03.2018. The Corporate Debtor denied the debt, stating that debit notes were issued for
…Operational creditor…
Operational creditor…