Prarthna Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kalundre Metaliks Private Limited, the Corporate Debtor. The Operational Creditor claimed an operational debt of Rs. 43,09,32,250/-. The Corporate Debtor was involved in importing shipments of H.R. Coils. The Operational Creditor placed a purchase order with the Corporate Debtor and made full payment in advance. However, the Corporate Debtor failed to supply the materials and also failed to refund the payment.
Prarthna Private Limited (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Kalundre Metaliks Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor is involved in dealing with steel products. The Corporate Debtor is registered under the Companies Act, 1956 and is involved in importing shipments of H.R. Coils. The Operational Creditor placed a purchase order with the Corporate Debtor for H.R. coils amounting to Rs. 45,21,17,000/- and made full payment in advance via payment letters dated 12.10.2020, 21.12.2020, and 03.05.2021. Due to a downward trend in steel prices, the Corporate Debtor agreed to refund Rs. 1,88,15,000/-. However, the Corporate
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Operational Creditor…
Operational Creditor…
Prarthna Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kalundre Metaliks Private Limited, the Corporate Debtor. The Operational Creditor claimed an operational debt of Rs. 43,09,32,250/-. The Corporate Debtor was involved in importing shipments of H.R. Coils. The Operational Creditor placed a purchase order with the Corporate Debtor and made full payment in advance. However, the Corporate Debtor failed to supply the materials and also failed to refund the payment.
Prarthna Private Limited (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Kalundre Metaliks Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor is involved in dealing with steel products. The Corporate Debtor is registered under the Companies Act, 1956 and is involved in importing shipments of H.R. Coils. The Operational Creditor placed a purchase order with the Corporate Debtor for H.R. coils amounting to Rs. 45,21,17,000/- and made full payment in advance via payment letters dated 12.10.2020, 21.12.2020, and 03.05.2021. Due to a downward trend in steel prices, the Corporate Debtor agreed to refund Rs. 1,88,15,000/-. However, the Corporate
…Operational Creditor…
Operational Creditor…