The case involves a petition filed by Bharat Pipe Fitting Co. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Prowess International Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for seamless pipes and steel tubes supplied between 2013 and 2015. The Corporate Debtor argued that the claims were barred by limitation and that a resolution plan had already been approved under a prior CIRP, during which the Operational Creditor did not file its claim.
Bharat Pipe Fitting Co. (Operational Creditor) supplied seamless pipes and steel tubes to Prowess International Private Limited (Corporate Debtor) between July 2013 and October 2015. The total amount of the bills raised was ₹31,08,005. After reconciliation, the outstanding amount was ₹28,64,369.69. The Corporate Debtor allegedly issued balance confirmations acknowledging the debt. The Operational Creditor issued a demand notice on July 6, 2019, claiming ₹59,32,644.69, including principal and interest. The Corporate Debtor had undergone a CIRP initiated on April 20, 2017, with a resolution plan approved on October 17, 2017. The Operational Creditor did not file any claim during that CIRP. The Corporate Debtor claimed the balance confirmation was forged and the claims
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Corporate Debtor placed…
The last tax invoice…
The case involves a petition filed by Bharat Pipe Fitting Co. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Prowess International Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for seamless pipes and steel tubes supplied between 2013 and 2015. The Corporate Debtor argued that the claims were barred by limitation and that a resolution plan had already been approved under a prior CIRP, during which the Operational Creditor did not file its claim.
Bharat Pipe Fitting Co. (Operational Creditor) supplied seamless pipes and steel tubes to Prowess International Private Limited (Corporate Debtor) between July 2013 and October 2015. The total amount of the bills raised was ₹31,08,005. After reconciliation, the outstanding amount was ₹28,64,369.69. The Corporate Debtor allegedly issued balance confirmations acknowledging the debt. The Operational Creditor issued a demand notice on July 6, 2019, claiming ₹59,32,644.69, including principal and interest. The Corporate Debtor had undergone a CIRP initiated on April 20, 2017, with a resolution plan approved on October 17, 2017. The Operational Creditor did not file any claim during that CIRP. The Corporate Debtor claimed the balance confirmation was forged and the claims
…Corporate Debtor placed…
The last tax invoice…