The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M+R Logistics (India) Private Limited (Operational Creditor) against M/s Metal Engineering & Treatment Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP) due to outstanding operational debt. The operational debt is claimed to be Rs. 48,11,763, which fell due on September 15, 2018, along with interest. The Corporate Debtor filed a demurrer application seeking dismissal of the CIRP application, alleging gross suppression of material facts and an attempt to mislead the Adjudicating Authority. The Corporate Debtor claimed that a settlement was reached in December 2016, where Rs. 81,00,000 would be paid in
…M+R Logistics (India) Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Metal Engineering & Treatment Private Limited (Corporate Debtor) for outstanding operational debt. The debt claimed was Rs. 48,11,763, due from September 15, 2018, with additional interest. The Operational Creditor acted as a 'Facilitating Agent' for the Corporate Debtor's shipment of goods from Nava Sheva Port to Kuwait on April 7, 2016. Four invoices totaling Rs. 52,56,950 were raised for services rendered. The Operational Creditor issued a demand notice on April 30, 2018, requesting payment of Rs. 34,78,004 plus interest. The Corporate Debtor admitted the debt in emails and made part payments of Rs. 17,78,946.
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Shipment of goods from Nava Sheva Port to…
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The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M+R Logistics (India) Private Limited (Operational Creditor) against M/s Metal Engineering & Treatment Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP) due to outstanding operational debt. The operational debt is claimed to be Rs. 48,11,763, which fell due on September 15, 2018, along with interest. The Corporate Debtor filed a demurrer application seeking dismissal of the CIRP application, alleging gross suppression of material facts and an attempt to mislead the Adjudicating Authority. The Corporate Debtor claimed that a settlement was reached in December 2016, where Rs. 81,00,000 would be paid in
…M+R Logistics (India) Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Metal Engineering & Treatment Private Limited (Corporate Debtor) for outstanding operational debt. The debt claimed was Rs. 48,11,763, due from September 15, 2018, with additional interest. The Operational Creditor acted as a 'Facilitating Agent' for the Corporate Debtor's shipment of goods from Nava Sheva Port to Kuwait on April 7, 2016. Four invoices totaling Rs. 52,56,950 were raised for services rendered. The Operational Creditor issued a demand notice on April 30, 2018, requesting payment of Rs. 34,78,004 plus interest. The Corporate Debtor admitted the debt in emails and made part payments of Rs. 17,78,946.
…Shipment of goods from Nava Sheva Port to…
Date of the invoices…