The case involves a petition filed by M/s Karveer Nivasini Engineers & Suppliers (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Popular Steel Works and Agricultural Implements Private Limited (Corporate Debtor). The operational creditor claims an unresolved financial debt of Rs. 1,21,64,716.63/-. The Corporate Debtor opposed the admission of the petition, primarily arguing the existence of pre-existing disputes and raising concerns about the interest claimed on the invoices and an alleged fraud committed by the operational creditor.
M/s Karveer Nivasini Engineers & Suppliers (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Popular Steel Works and Agricultural Implements Private Limited (Corporate Debtor) for an outstanding debt of Rs. 1,21,64,716.63. The Operational Creditor supplied goods such as bearings, hardware, and steel materials to the Corporate Debtor. The Corporate Debtor made part payments but failed to clear the entire outstanding amount. The Corporate Debtor issued confirmation letters for the outstanding balance for multiple financial years. The Operational Creditor issued a demand notice, which the Corporate Debtor replied to, raising a dispute. The Corporate Debtor alleged that the Operational
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Operational Creditor…
Corporate Debtor…
The case involves a petition filed by M/s Karveer Nivasini Engineers & Suppliers (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Popular Steel Works and Agricultural Implements Private Limited (Corporate Debtor). The operational creditor claims an unresolved financial debt of Rs. 1,21,64,716.63/-. The Corporate Debtor opposed the admission of the petition, primarily arguing the existence of pre-existing disputes and raising concerns about the interest claimed on the invoices and an alleged fraud committed by the operational creditor.
M/s Karveer Nivasini Engineers & Suppliers (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Popular Steel Works and Agricultural Implements Private Limited (Corporate Debtor) for an outstanding debt of Rs. 1,21,64,716.63. The Operational Creditor supplied goods such as bearings, hardware, and steel materials to the Corporate Debtor. The Corporate Debtor made part payments but failed to clear the entire outstanding amount. The Corporate Debtor issued confirmation letters for the outstanding balance for multiple financial years. The Operational Creditor issued a demand notice, which the Corporate Debtor replied to, raising a dispute. The Corporate Debtor alleged that the Operational
…Operational Creditor…
Corporate Debtor…