The case involves an application filed by Narender Steel & Alloys (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jai Mata Engineering Ltd. (Corporate Debtor) for an alleged default of Rs. 1,16,78,018.48. The Operational Creditor supplied steel products to the Corporate Debtor based on purchase orders. A cheque issued by the Corporate Debtor for the outstanding amount was dishonored. The Corporate Debtor subsequently claimed the cheque was not issued by them and was allegedly stolen. The Operational Creditor then sent a legal notice demanding the outstanding amount with interest.
Narender Steel & Alloys (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jai Mata Engineering Ltd. (Corporate Debtor) for an alleged default of Rs. 1,16,78,018.48. The Operational Creditor supplied steel products to the Corporate Debtor based on purchase orders. The Corporate Debtor issued a cheque dated 31.07.2022, which was subsequently dishonored with the reason 'Exceeds Arrangement'. The Corporate Debtor then claimed the cheque was not issued by them and was allegedly stolen. The Operational Creditor sent a legal notice under section 8 of IBC Code, demanding the outstanding amount with 24% interest. The Corporate Debtor replied, alleging
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Corporate Debtor issued…
Narender Steel & Alloys…
The case involves an application filed by Narender Steel & Alloys (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jai Mata Engineering Ltd. (Corporate Debtor) for an alleged default of Rs. 1,16,78,018.48. The Operational Creditor supplied steel products to the Corporate Debtor based on purchase orders. A cheque issued by the Corporate Debtor for the outstanding amount was dishonored. The Corporate Debtor subsequently claimed the cheque was not issued by them and was allegedly stolen. The Operational Creditor then sent a legal notice demanding the outstanding amount with interest.
Narender Steel & Alloys (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jai Mata Engineering Ltd. (Corporate Debtor) for an alleged default of Rs. 1,16,78,018.48. The Operational Creditor supplied steel products to the Corporate Debtor based on purchase orders. The Corporate Debtor issued a cheque dated 31.07.2022, which was subsequently dishonored with the reason 'Exceeds Arrangement'. The Corporate Debtor then claimed the cheque was not issued by them and was allegedly stolen. The Operational Creditor sent a legal notice under section 8 of IBC Code, demanding the outstanding amount with 24% interest. The Corporate Debtor replied, alleging
…Corporate Debtor issued…
Narender Steel & Alloys…