The case involves an application filed by M/S Satec Envir Engineering (India) Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/S Isitva Steel Private Limited, the corporate debtor, alleging default of an operational debt. The applicant is in the business of design, manufacture, supply, and installation of prefabricated and pre-engineered structures. The applicant and respondent entered into a business relationship through three work orders for supply, erection, and commissioning of transmission lines. Work Order No. 1 was completed successfully, and the applicant paid the full amount. With regard to Work Order No. 3, the applicant issued
…M/S Satec Envir Engineering (India) Private Limited (the Applicant) filed an application against M/S Isitva Steel Private Limited (the Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Applicant and Respondent entered into a business relationship involving three work orders for supply, erection, and commissioning of transmission lines. Work Order No. 1 was completed, and the Applicant paid the full amount. For Work Order No. 3, the Applicant issued an advance of Rs. 6,37,200, constituting 20% of the total amount, secured by a post-dated cheque from the Respondent. The Respondent failed to execute Work Order No. 3, and the Applicant presented the cheque, which was
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Work required to be performed under the 1st…
The Applicant had…
The case involves an application filed by M/S Satec Envir Engineering (India) Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/S Isitva Steel Private Limited, the corporate debtor, alleging default of an operational debt. The applicant is in the business of design, manufacture, supply, and installation of prefabricated and pre-engineered structures. The applicant and respondent entered into a business relationship through three work orders for supply, erection, and commissioning of transmission lines. Work Order No. 1 was completed successfully, and the applicant paid the full amount. With regard to Work Order No. 3, the applicant issued
…M/S Satec Envir Engineering (India) Private Limited (the Applicant) filed an application against M/S Isitva Steel Private Limited (the Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Applicant and Respondent entered into a business relationship involving three work orders for supply, erection, and commissioning of transmission lines. Work Order No. 1 was completed, and the Applicant paid the full amount. For Work Order No. 3, the Applicant issued an advance of Rs. 6,37,200, constituting 20% of the total amount, secured by a post-dated cheque from the Respondent. The Respondent failed to execute Work Order No. 3, and the Applicant presented the cheque, which was
…Work required to be performed under the 1st…
The Applicant had…