The case originates from an application filed by M/S. Pruthvi Steels, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against KRP Infrastructures & Builders Pvt. Ltd, the Corporate Debtor, due to a default in payment of Rs. 10,06,521. The Corporate Debtor had issued a purchase order for TMT Bar FE-500, and the Operational Creditor raised two tax invoices accordingly. The Corporate Debtor initially issued a cheque which was dishonored. Subsequently, a portion of the amount was credited, but further cheques issued for the remaining amount were also dishonored. A demand notice was issued, but the outstanding amount remained unpaid. An earlier CIRP initiated by
…M/S. Pruthvi Steels, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against KRP Infrastructures & Builders Pvt. Ltd, the Corporate Debtor. The Corporate Debtor issued a purchase order dated 17.01.2017 for TMT Bar FE-500, amounting to Rs. 19,36,250. The Operational Creditor raised two tax invoices: No. 052/16-17 dated 20.01.2017 for Rs. 9,73,277 and No. 053/16-17 dated 22.01.2017 for Rs. 9,79,188, totaling Rs. 19,52,465. The Corporate Debtor issued an Axis Bank Cheque No. 255109 dated 10.02.2017 for Rs. 19,36,250, which was dishonored. The Corporate Debtor credited Rs. 14,52,465 to the Operational Creditor's account. For the remaining Rs. 5,00,000, the Corporate Debtor issued cheque no.
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The case originates from an application filed by M/S. Pruthvi Steels, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against KRP Infrastructures & Builders Pvt. Ltd, the Corporate Debtor, due to a default in payment of Rs. 10,06,521. The Corporate Debtor had issued a purchase order for TMT Bar FE-500, and the Operational Creditor raised two tax invoices accordingly. The Corporate Debtor initially issued a cheque which was dishonored. Subsequently, a portion of the amount was credited, but further cheques issued for the remaining amount were also dishonored. A demand notice was issued, but the outstanding amount remained unpaid. An earlier CIRP initiated by
…M/S. Pruthvi Steels, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against KRP Infrastructures & Builders Pvt. Ltd, the Corporate Debtor. The Corporate Debtor issued a purchase order dated 17.01.2017 for TMT Bar FE-500, amounting to Rs. 19,36,250. The Operational Creditor raised two tax invoices: No. 052/16-17 dated 20.01.2017 for Rs. 9,73,277 and No. 053/16-17 dated 22.01.2017 for Rs. 9,79,188, totaling Rs. 19,52,465. The Corporate Debtor issued an Axis Bank Cheque No. 255109 dated 10.02.2017 for Rs. 19,36,250, which was dishonored. The Corporate Debtor credited Rs. 14,52,465 to the Operational Creditor's account. For the remaining Rs. 5,00,000, the Corporate Debtor issued cheque no.
…Corporate Debto…
Operational Creditor…