The operational creditor, Zenith Metalik Alloys Limited, filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against the corporate debtor, Lamco Industries Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt exceeding rupees one crore. The operational creditor claimed that the corporate debtor failed to pay for raw materials supplied, despite issuing purchase orders and accepting payment terms. The corporate debtor, however, contended that the prices quoted by the operational creditor were inflated and that there was a dispute regarding the rates of the material supplied. The corporate debtor also claimed to have already paid the principal amount of
…Zenith Metalik Alloys Limited (Operational Creditor) filed a petition against Lamco Industries Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for defaulting on a payment exceeding one crore rupees. The Corporate Debtor requested quotations for raw materials in March 2022, and the Operational Creditor issued a pro-forma invoice. The Corporate Debtor placed a purchase order on March 21, 2022. The Operational Creditor issued e-invoices for the supplies, and the Corporate Debtor issued post-dated cheques (PDCs) that were later dishonored with the remark 'Account Closed'. The Corporate Debtor informed the Operational Creditor in November 2022 that they would provide different cheques, but no new cheques were given. The
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The Corporate Debtor…
The Operational…
The operational creditor, Zenith Metalik Alloys Limited, filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against the corporate debtor, Lamco Industries Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt exceeding rupees one crore. The operational creditor claimed that the corporate debtor failed to pay for raw materials supplied, despite issuing purchase orders and accepting payment terms. The corporate debtor, however, contended that the prices quoted by the operational creditor were inflated and that there was a dispute regarding the rates of the material supplied. The corporate debtor also claimed to have already paid the principal amount of
…Zenith Metalik Alloys Limited (Operational Creditor) filed a petition against Lamco Industries Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for defaulting on a payment exceeding one crore rupees. The Corporate Debtor requested quotations for raw materials in March 2022, and the Operational Creditor issued a pro-forma invoice. The Corporate Debtor placed a purchase order on March 21, 2022. The Operational Creditor issued e-invoices for the supplies, and the Corporate Debtor issued post-dated cheques (PDCs) that were later dishonored with the remark 'Account Closed'. The Corporate Debtor informed the Operational Creditor in November 2022 that they would provide different cheques, but no new cheques were given. The
…The Corporate Debtor…
The Operational…