Nagarjuna Steel Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Preca Solutions India Private Limited, alleging default in payment for the supply of iron and steel. The petitioner claimed outstanding dues of Rs. 1,99,87,603/- for supplies made between December 2021 and March 2022. Preca Solutions contested the application, stating that the payment obligation rested with Nova Educational Society (NES) as per an agreement, and that there was a pre-existing dispute regarding the payment terms.
Nagarjuna Steel Private Limited (the Petitioner) supplied iron and steel in the form of TMT Rebar to Preca Solutions India Private Limited (the Respondent) between December 2021 and March 2022. The Petitioner claimed that the Respondent failed to pay outstanding dues of Rs. 1,99,87,603/-, including principal, interest, and GST on interest. The Petitioner served a demand notice on the Respondent on 06.09.2022, which was delivered on 14.09.2022, but the Respondent did not reply. The Respondent contended that it had entered into agreements with Nova's Avenues and Infrastructure Private Limited, a group company of Nova Educational Society (NES), to construct buildings. NES informed the Respondent that the steel would be arranged through the Petitioner, with NES making part
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Nagarjuna Steel Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Preca Solutions India Private Limited, alleging default in payment for the supply of iron and steel. The petitioner claimed outstanding dues of Rs. 1,99,87,603/- for supplies made between December 2021 and March 2022. Preca Solutions contested the application, stating that the payment obligation rested with Nova Educational Society (NES) as per an agreement, and that there was a pre-existing dispute regarding the payment terms.
Nagarjuna Steel Private Limited (the Petitioner) supplied iron and steel in the form of TMT Rebar to Preca Solutions India Private Limited (the Respondent) between December 2021 and March 2022. The Petitioner claimed that the Respondent failed to pay outstanding dues of Rs. 1,99,87,603/-, including principal, interest, and GST on interest. The Petitioner served a demand notice on the Respondent on 06.09.2022, which was delivered on 14.09.2022, but the Respondent did not reply. The Respondent contended that it had entered into agreements with Nova's Avenues and Infrastructure Private Limited, a group company of Nova Educational Society (NES), to construct buildings. NES informed the Respondent that the steel would be arranged through the Petitioner, with NES making part
…Petitioner supplied…
Petitioner served a…