This case involves a petition filed by Shri Rajesh Kumar Bihani and Shri Tarun Bihani, operating under the name 'Ramesh Co.' (Operational Creditors), against Imperial Tubes Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditors claimed a total amount of ₹8,75,22,385/- due to unpaid invoices for goods supplied to the Corporate Debtor. The Corporate Debtor contested the claim, alleging pre-existing disputes regarding the quality of the supplied goods and asserting that the Operational Creditors had already filed a civil suit for recovery of the same dues.
Shri Rajesh Kumar Bihani and Shri Tarun Bihani, operating as 'Ramesh Co.', filed a petition against Imperial Tubes Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming ₹8,75,22,385/- for unpaid invoices. The Operational Creditors alleged that they supplied HR Coils/sheets/plates to the Corporate Debtor based on verbal orders, raising 64 invoices between 18.01.2016 and 08.05.2018 for ₹5,79,58,608/-, with a 24% interest clause for late payments. The Corporate Debtor allegedly defaulted on payments, leading to demand notices issued on 19th December 2018 and 8th March 2019. The Corporate Debtor, however, contended that there were pre-existing disputes regarding the quality of the supplied materials, claiming the materials did not meet
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This case involves a petition filed by Shri Rajesh Kumar Bihani and Shri Tarun Bihani, operating under the name 'Ramesh Co.' (Operational Creditors), against Imperial Tubes Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditors claimed a total amount of ₹8,75,22,385/- due to unpaid invoices for goods supplied to the Corporate Debtor. The Corporate Debtor contested the claim, alleging pre-existing disputes regarding the quality of the supplied goods and asserting that the Operational Creditors had already filed a civil suit for recovery of the same dues.
Shri Rajesh Kumar Bihani and Shri Tarun Bihani, operating as 'Ramesh Co.', filed a petition against Imperial Tubes Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming ₹8,75,22,385/- for unpaid invoices. The Operational Creditors alleged that they supplied HR Coils/sheets/plates to the Corporate Debtor based on verbal orders, raising 64 invoices between 18.01.2016 and 08.05.2018 for ₹5,79,58,608/-, with a 24% interest clause for late payments. The Corporate Debtor allegedly defaulted on payments, leading to demand notices issued on 19th December 2018 and 8th March 2019. The Corporate Debtor, however, contended that there were pre-existing disputes regarding the quality of the supplied materials, claiming the materials did not meet
…The Corporate…
Operational Creditors…