Ralco Extrusion Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Centech Engineers Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied Aluminium products. A demand notice was issued, which the Corporate Debtor disputed. The Corporate Debtor argued that the application was not maintainable because the default amount was below the minimum threshold of Rs. 1 crore as per a notification issued by the Central Government on 24.03.2020.
Ralco Extrusion 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 Centech Engineers Private Limited (Corporate Debtor). The Operational Creditor is in the business of supplying Aluminium products. The Corporate Debtor procured Aluminium profiles and sections from the Operational Creditor against purchase orders. The Operational Creditor raised invoices for the supplied goods, but the Corporate Debtor failed to pay the outstanding dues. As of 25.10.2016, an amount of Rs.8,00,000/- was due. The Operational Creditor claimed an additional interest of Rs.13,76,452/-, bringing the total operational debt to Rs.21,76,452/- as of 15.01.2022.
…Sign in to view the parties.
The date of default…
The Operational…
Ralco Extrusion Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Centech Engineers Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied Aluminium products. A demand notice was issued, which the Corporate Debtor disputed. The Corporate Debtor argued that the application was not maintainable because the default amount was below the minimum threshold of Rs. 1 crore as per a notification issued by the Central Government on 24.03.2020.
Ralco Extrusion 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 Centech Engineers Private Limited (Corporate Debtor). The Operational Creditor is in the business of supplying Aluminium products. The Corporate Debtor procured Aluminium profiles and sections from the Operational Creditor against purchase orders. The Operational Creditor raised invoices for the supplied goods, but the Corporate Debtor failed to pay the outstanding dues. As of 25.10.2016, an amount of Rs.8,00,000/- was due. The Operational Creditor claimed an additional interest of Rs.13,76,452/-, bringing the total operational debt to Rs.21,76,452/- as of 15.01.2022.
…The date of default…
The Operational…