The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Rohit Ferro-Tech Ltd. (Operational Creditor) against Chiraag Vyapaar Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied, leading to an outstanding debt. The Corporate Debtor admitted to the debt and financial difficulties but argued for an opportunity to resolve the disputes amicably and repay the debt. The Operational Creditor contended that despite repeated reminders and a demand notice, the Corporate Debtor failed to pay the outstanding amounts or respond adequately.
Rohit Ferro-Tech Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Chiraag Vyapaar Pvt. Ltd. (Corporate Debtor) for unpaid operational debt. The Operational Creditor supplied TMT bars, C.R. Coils, GC Sheets, HR Coils, MS Round, and MS Angles to the Corporate Debtor. The Corporate Debtor issued 11 dispatch memos for the supplies. The Corporate Debtor made some payments, but they did not correspond to specific invoices, resulting in an outstanding debt. The Operational Creditor issued a demand notice on October 25, 2019, under Section 8 of the Code, but the Corporate Debtor did not pay or reply. The Corporate Debtor admitted to the debt and financial difficulties in its reply but claimed pre-existing
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The Operational Creditor issued a demand notice…
The Operational…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Rohit Ferro-Tech Ltd. (Operational Creditor) against Chiraag Vyapaar Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied, leading to an outstanding debt. The Corporate Debtor admitted to the debt and financial difficulties but argued for an opportunity to resolve the disputes amicably and repay the debt. The Operational Creditor contended that despite repeated reminders and a demand notice, the Corporate Debtor failed to pay the outstanding amounts or respond adequately.
Rohit Ferro-Tech Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Chiraag Vyapaar Pvt. Ltd. (Corporate Debtor) for unpaid operational debt. The Operational Creditor supplied TMT bars, C.R. Coils, GC Sheets, HR Coils, MS Round, and MS Angles to the Corporate Debtor. The Corporate Debtor issued 11 dispatch memos for the supplies. The Corporate Debtor made some payments, but they did not correspond to specific invoices, resulting in an outstanding debt. The Operational Creditor issued a demand notice on October 25, 2019, under Section 8 of the Code, but the Corporate Debtor did not pay or reply. The Corporate Debtor admitted to the debt and financial difficulties in its reply but claimed pre-existing
…The Operational Creditor issued a demand notice…
The Operational…