The case involves an application filed by Anvi Metcorp Pvt. Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matiz Metals Pvt. Ltd., the Corporate Debtor, due to an outstanding operational debt. The Corporate Debtor acknowledged the debt but failed to make the payment, citing financial difficulties and the impact of the Russia-Ukraine war. The Adjudicating Authority considered the materials presented by the Operational Creditor, the arguments of the learned counsel, and the facts mentioned, and found that the application met the requirements for initiating CIRP.
Anvi Metcorp Pvt. Ltd. (Operational Creditor) sold and delivered 2,300.000 gm of Gold Bars 995 material to Matiz Metals Pvt. Ltd. (Corporate Debtor) under Tax Invoice No. 21-22/110 dated 01.02.2022 for Rs. 1,13,47,510.00. The payment was due immediately upon delivery. The Corporate Debtor failed to make the payment, citing financial difficulties in a letter dated 07.02.2022 and requested additional time. The Operational Creditor granted two more days, but the Corporate Debtor still failed to pay. The Operational Creditor sent a demand notice dated 18.02.2022, which the Corporate Debtor acknowledged on 25.02.2022, requesting more time. Despite assurances, the Corporate Debtor did not pay. The Operational Creditor filed an application under Section 9 of the IBC on
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Operational Creditor sold and delivered Gold…
Operational Creditor sent a reminder letter…
The case involves an application filed by Anvi Metcorp Pvt. Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matiz Metals Pvt. Ltd., the Corporate Debtor, due to an outstanding operational debt. The Corporate Debtor acknowledged the debt but failed to make the payment, citing financial difficulties and the impact of the Russia-Ukraine war. The Adjudicating Authority considered the materials presented by the Operational Creditor, the arguments of the learned counsel, and the facts mentioned, and found that the application met the requirements for initiating CIRP.
Anvi Metcorp Pvt. Ltd. (Operational Creditor) sold and delivered 2,300.000 gm of Gold Bars 995 material to Matiz Metals Pvt. Ltd. (Corporate Debtor) under Tax Invoice No. 21-22/110 dated 01.02.2022 for Rs. 1,13,47,510.00. The payment was due immediately upon delivery. The Corporate Debtor failed to make the payment, citing financial difficulties in a letter dated 07.02.2022 and requested additional time. The Operational Creditor granted two more days, but the Corporate Debtor still failed to pay. The Operational Creditor sent a demand notice dated 18.02.2022, which the Corporate Debtor acknowledged on 25.02.2022, requesting more time. Despite assurances, the Corporate Debtor did not pay. The Operational Creditor filed an application under Section 9 of the IBC on
…Operational Creditor sold and delivered Gold…
Operational Creditor sent a reminder letter…