The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Airen Metals Pvt. Ltd. (Operational Creditor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kandoi Metal Powders Manufacturing Co Pvt. Ltd. (Corporate Debtor) due to a default in payment of Rs. 6,52,57,581/-. The Operational Creditor and Corporate Debtor had a business relationship since FY 2007-08, involving the supply of goods and materials, generating invoices. The Corporate Debtor allegedly failed to clear the dues, leading to the application for CIRP.
Airen Metals Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kandoi Metal Powders Manufacturing Co Pvt. Ltd. (Corporate Debtor). The application was based on a default in payment of Rs. 6,52,57,581/-. The Operational Creditor and Corporate Debtor had a business relationship since FY 2007-08, involving the supply of non-ferrous metals and insulating wires. As of 19.03.2021, invoices amounting to Rs. 4,00,06,142/- were outstanding. The default commenced after 01.06.2017 and crystallized on 03.07.2019. A demand notice was sent on 18.01.2021. The Corporate Debtor raised objections, including the validity of the demand notice and the
…Sign in to view the parties.
The Operational Creditor and Corporate Debtor…
The default commenced…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Airen Metals Pvt. Ltd. (Operational Creditor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kandoi Metal Powders Manufacturing Co Pvt. Ltd. (Corporate Debtor) due to a default in payment of Rs. 6,52,57,581/-. The Operational Creditor and Corporate Debtor had a business relationship since FY 2007-08, involving the supply of goods and materials, generating invoices. The Corporate Debtor allegedly failed to clear the dues, leading to the application for CIRP.
Airen Metals Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kandoi Metal Powders Manufacturing Co Pvt. Ltd. (Corporate Debtor). The application was based on a default in payment of Rs. 6,52,57,581/-. The Operational Creditor and Corporate Debtor had a business relationship since FY 2007-08, involving the supply of non-ferrous metals and insulating wires. As of 19.03.2021, invoices amounting to Rs. 4,00,06,142/- were outstanding. The default commenced after 01.06.2017 and crystallized on 03.07.2019. A demand notice was sent on 18.01.2021. The Corporate Debtor raised objections, including the validity of the demand notice and the
…The Operational Creditor and Corporate Debtor…
The default commenced…