Shrimali Alloys, through its proprietor Mr. Dinesh Vyas, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against KRN Alloys Private Limited, the Corporate Debtor. The applicant claimed that the corporate debtor owed them an operational debt. The corporate debtor contested the application, arguing that there was a pre-existing dispute regarding the quality of the supplied MS scrap and the amount payable.
Shrimali Alloys, a proprietorship firm, supplied MS Scrap to KRN Alloys Private Limited, a company limited by shares engaged in the manufacture of MS Billets. The applicant claimed that the corporate debtor owed them Rs. 3,31,30,538/- as of 04.03.2019, along with interest. The corporate debtor contended that the applicant had supplied inferior quality scrap and raised invoices for higher quality products. The corporate debtor issued debit notes to the applicant for price differences and compensation of loss suffered due to poor quality. A representative from the applicant firm, Mr. Chandan Dave, visited the factory of the corporate debtor on 03.09.2018 and accepted all the debit notes. The corporate debtor also raised a dispute regarding the accounts prior to the
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Statutory demand notice under Section 8 of…
The corporate debtor…
Shrimali Alloys, through its proprietor Mr. Dinesh Vyas, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against KRN Alloys Private Limited, the Corporate Debtor. The applicant claimed that the corporate debtor owed them an operational debt. The corporate debtor contested the application, arguing that there was a pre-existing dispute regarding the quality of the supplied MS scrap and the amount payable.
Shrimali Alloys, a proprietorship firm, supplied MS Scrap to KRN Alloys Private Limited, a company limited by shares engaged in the manufacture of MS Billets. The applicant claimed that the corporate debtor owed them Rs. 3,31,30,538/- as of 04.03.2019, along with interest. The corporate debtor contended that the applicant had supplied inferior quality scrap and raised invoices for higher quality products. The corporate debtor issued debit notes to the applicant for price differences and compensation of loss suffered due to poor quality. A representative from the applicant firm, Mr. Chandan Dave, visited the factory of the corporate debtor on 03.09.2018 and accepted all the debit notes. The corporate debtor also raised a dispute regarding the accounts prior to the
…Statutory demand notice under Section 8 of…
The corporate debtor…