The case involves a company petition filed by Utkarsh Steel Corporation, the Operational Creditor, against Dalane Industries Pvt. Ltd., the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor alleges that the Corporate Debtor defaulted on payments for goods supplied. The Corporate Debtor disputes the claim, arguing that the principal amount of the debt is less than the threshold of Rs. 1 crore as per Section 4 of the IBC, 2016.
Utkarsh Steel Corporation, the Operational Creditor, filed a company petition against Dalane Industries Pvt. Ltd., the Corporate Debtor, seeking to initiate CIRP. Utkarsh Steel is a trader of B.Q plate, C.R Coils, Steel Coils, MLS plates, and similar products. Dalane Industries is a manufacturer of Progressive Press tools, metal sheets, etc., and a regular purchaser of goods from Utkarsh Steel. From October 2019, Dalane Industries placed orders for goods, and Utkarsh Steel delivered them, raising 19 invoices between 2019-10-15 and 2019-11-21. Despite accepting delivery, Dalane Industries failed to make full payments. After reminders, the outstanding debt amounted to Rs. 1,01,27,176/-, including Rs. 74,85,776/- as the principal debt and Rs. 26,41,400/- as interest at
…Sign in to view the parties.
Corporate Debtor placed orders for delivery…
19 invoices were raised…
The case involves a company petition filed by Utkarsh Steel Corporation, the Operational Creditor, against Dalane Industries Pvt. Ltd., the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor alleges that the Corporate Debtor defaulted on payments for goods supplied. The Corporate Debtor disputes the claim, arguing that the principal amount of the debt is less than the threshold of Rs. 1 crore as per Section 4 of the IBC, 2016.
Utkarsh Steel Corporation, the Operational Creditor, filed a company petition against Dalane Industries Pvt. Ltd., the Corporate Debtor, seeking to initiate CIRP. Utkarsh Steel is a trader of B.Q plate, C.R Coils, Steel Coils, MLS plates, and similar products. Dalane Industries is a manufacturer of Progressive Press tools, metal sheets, etc., and a regular purchaser of goods from Utkarsh Steel. From October 2019, Dalane Industries placed orders for goods, and Utkarsh Steel delivered them, raising 19 invoices between 2019-10-15 and 2019-11-21. Despite accepting delivery, Dalane Industries failed to make full payments. After reminders, the outstanding debt amounted to Rs. 1,01,27,176/-, including Rs. 74,85,776/- as the principal debt and Rs. 26,41,400/- as interest at
…Corporate Debtor placed orders for delivery…
19 invoices were raised…