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 that the Corporate Debtor failed to supply H.R. coils for which full payment was made in advance, and also failed to refund the payment. The Operational Creditor sought resolution of an operational debt of Rs. 43,09,32,250/-.
Prarthna Private Limited, an Operational Creditor dealing in steel products, filed a petition to initiate CIRP against Kalundre Metaliks Private Limited, the Corporate Debtor. The Operational Creditor placed a purchase order on 2020-09-25 for H.R. coils, amounting to Rs. 45,21,17,000/-, and made full payment in advance via payment letters dated 2020-10-12, 2020-12-21, and 2021-05-03. Due to a downward trend in steel prices, the Corporate Debtor agreed to refund Rs. 1,88,15,000/-. However, the Corporate Debtor failed to supply the materials despite repeated reminders. Notices dated 2022-04-01 and 2022-04-27 were sent demanding payment of outstanding dues of Rs. 43,09,32,250/-, which the Corporate Debtor acknowledged but failed to pay. A demand notice was sent on
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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 that the Corporate Debtor failed to supply H.R. coils for which full payment was made in advance, and also failed to refund the payment. The Operational Creditor sought resolution of an operational debt of Rs. 43,09,32,250/-.
Prarthna Private Limited, an Operational Creditor dealing in steel products, filed a petition to initiate CIRP against Kalundre Metaliks Private Limited, the Corporate Debtor. The Operational Creditor placed a purchase order on 2020-09-25 for H.R. coils, amounting to Rs. 45,21,17,000/-, and made full payment in advance via payment letters dated 2020-10-12, 2020-12-21, and 2021-05-03. Due to a downward trend in steel prices, the Corporate Debtor agreed to refund Rs. 1,88,15,000/-. However, the Corporate Debtor failed to supply the materials despite repeated reminders. Notices dated 2022-04-01 and 2022-04-27 were sent demanding payment of outstanding dues of Rs. 43,09,32,250/-, which the Corporate Debtor acknowledged but failed to pay. A demand notice was sent on
…Operational Creditor…
Operational Creditor…