Posco India Processing Center Pvt Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Nucleus Satellite Communications (Madras) Pvt Ltd, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of steel coils and sheets. The application was filed on 25.11.2021.
Posco India Processing Center Pvt Ltd (Operational Creditor) supplied 927.140 metric tonnes of steel coils and sheets to Nucleus Satellite Communications (Madras) Pvt Ltd (Corporate Debtor) for use in its factory in Chittoor. The Corporate Debtor accepted the supplies without demur and used them in its business. Payments became due on various dates, with the last payment received on 01.09.2020. The Corporate Debtor acknowledged the outstanding debt and promised to make payments from December 2019 onwards, but no substantial amount was received. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, on 01.11.2021, which was delivered on 09.11.2021. The Corporate Debtor failed to pay the operational debt and gave a vague reply on 17.11.2021.
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Posco India Processing Center Pvt Ltd filed an…
The Tribunal admitted…
Posco India Processing Center Pvt Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Nucleus Satellite Communications (Madras) Pvt Ltd, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of steel coils and sheets. The application was filed on 25.11.2021.
Posco India Processing Center Pvt Ltd (Operational Creditor) supplied 927.140 metric tonnes of steel coils and sheets to Nucleus Satellite Communications (Madras) Pvt Ltd (Corporate Debtor) for use in its factory in Chittoor. The Corporate Debtor accepted the supplies without demur and used them in its business. Payments became due on various dates, with the last payment received on 01.09.2020. The Corporate Debtor acknowledged the outstanding debt and promised to make payments from December 2019 onwards, but no substantial amount was received. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, on 01.11.2021, which was delivered on 09.11.2021. The Corporate Debtor failed to pay the operational debt and gave a vague reply on 17.11.2021.
…Posco India Processing Center Pvt Ltd filed an…
The Tribunal admitted…