The case pertains to an application filed by M/s. Metenere Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Empower Softrade and Techno Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in clearing a debt of Rs. 16,37,50,522, including 18% interest annually until 20.03.2019. The Corporate Debtor had approached the Operational Creditor for purchasing goods, specifically unwrought aluminum, which the Operational Creditor supplied. The Operational Creditor raised invoices and maintained a ledger account. Initially, the Corporate Debtor made regular payments but later stopped. Despite several
…M/s. Metenere Ltd. (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. Empower Softrade and Techno Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default of Rs. 16,37,50,522, including 18% interest, until 20.03.2019. The Corporate Debtor had approached the Operational Creditor for purchasing unwrought aluminum, which the Operational Creditor supplied. The Operational Creditor raised invoices and maintained a ledger account. Initially, the Corporate Debtor made regular payments but later stopped after July 2017. The outstanding principal amount was more than Rs. 12 crores. The Corporate Debtor never raised any complaints against
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The Operational…
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The case pertains to an application filed by M/s. Metenere Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Empower Softrade and Techno Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in clearing a debt of Rs. 16,37,50,522, including 18% interest annually until 20.03.2019. The Corporate Debtor had approached the Operational Creditor for purchasing goods, specifically unwrought aluminum, which the Operational Creditor supplied. The Operational Creditor raised invoices and maintained a ledger account. Initially, the Corporate Debtor made regular payments but later stopped. Despite several
…M/s. Metenere Ltd. (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. Empower Softrade and Techno Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default of Rs. 16,37,50,522, including 18% interest, until 20.03.2019. The Corporate Debtor had approached the Operational Creditor for purchasing unwrought aluminum, which the Operational Creditor supplied. The Operational Creditor raised invoices and maintained a ledger account. Initially, the Corporate Debtor made regular payments but later stopped after July 2017. The outstanding principal amount was more than Rs. 12 crores. The Corporate Debtor never raised any complaints against
…The Operational…
The demand notice was…