Rourkela Steel Syndicate, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Metistech Fabricators Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority initially dismissed the petition, citing a bar under Section 69(2) of the Partnership Act, 1932, as the petitioner was an unregistered partnership firm. However, the NCLAT-Delhi set aside this order, directing the Authority to revive the petition and decide it in accordance with the law. After the petition was revived, the respondent failed to appear despite notices, leading the Authority to decide the petition on merit.
Rourkela Steel Syndicate, an unregistered partnership firm, engaged in the business of supplying finished steel. In 2016, Metistech Fabricators Private Limited approached Rourkela Steel Syndicate for the supply of steel. Rourkela Steel Syndicate supplied goods to Metistech Fabricators Private Limited based on e-mail orders and raised 17 invoices totaling Rs. 2,00,86,015. Metistech Fabricators Private Limited made some payments, leaving a balance of Rs. 1,06,18,697. Rourkela Steel Syndicate claimed interest at 24% per annum, amounting to Rs. 77,84,307. A statutory demand notice was sent on 13.02.2021, which was delivered on 18.02.2021, but no reply was received. Metistech Fabricators Private Limited argued that the claim was barred by limitation and that the interest
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Metistech Fabricators Private Limited…
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Rourkela Steel Syndicate, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Metistech Fabricators Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority initially dismissed the petition, citing a bar under Section 69(2) of the Partnership Act, 1932, as the petitioner was an unregistered partnership firm. However, the NCLAT-Delhi set aside this order, directing the Authority to revive the petition and decide it in accordance with the law. After the petition was revived, the respondent failed to appear despite notices, leading the Authority to decide the petition on merit.
Rourkela Steel Syndicate, an unregistered partnership firm, engaged in the business of supplying finished steel. In 2016, Metistech Fabricators Private Limited approached Rourkela Steel Syndicate for the supply of steel. Rourkela Steel Syndicate supplied goods to Metistech Fabricators Private Limited based on e-mail orders and raised 17 invoices totaling Rs. 2,00,86,015. Metistech Fabricators Private Limited made some payments, leaving a balance of Rs. 1,06,18,697. Rourkela Steel Syndicate claimed interest at 24% per annum, amounting to Rs. 77,84,307. A statutory demand notice was sent on 13.02.2021, which was delivered on 18.02.2021, but no reply was received. Metistech Fabricators Private Limited argued that the claim was barred by limitation and that the interest
…Metistech Fabricators Private Limited…
Respondent sent e-mail dated 04.08.2016 for…