The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Apex Ispat Ltd (Operational Creditor) against R.N. Metals Pvt Ltd & another (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of Rs. 30,61,967/-. The Operational Creditor claimed to have supplied HR Coil and HR Plate to the Corporate Debtor on credit basis. The Corporate Debtor contested the petition on technical grounds and also claimed that the entire debt, including interest, had been paid.
Apex Ispat Ltd, the Operational Creditor, filed a petition against R.N. Metals Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP for a default of Rs. 30,61,967/-. Apex Ispat claimed to have supplied HR Coil and HR Plate to R.N. Metals on credit. R.N. Metals issued four undated cheques amounting to Rs. 36,90,267/- to Apex Ispat, covering the principal amount and interest. One cheque for Rs. 10,00,000/- was cleared, but two cheques for Rs. 20,61,967/- were not. R.N. Metals then cleared Rs. 20,61,967/- via RTGS. R.N. Metals also paid Rs. 6,28,300/- towards interest. Apex Ispat admitted to receiving Rs. 36,90,267/- but claimed entitlement to litigation costs and interest pendente lite. R.N. Metals argued
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The Operational Creditor issued a letter…
The Operational Creditor issued Form-3 demand…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Apex Ispat Ltd (Operational Creditor) against R.N. Metals Pvt Ltd & another (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of Rs. 30,61,967/-. The Operational Creditor claimed to have supplied HR Coil and HR Plate to the Corporate Debtor on credit basis. The Corporate Debtor contested the petition on technical grounds and also claimed that the entire debt, including interest, had been paid.
Apex Ispat Ltd, the Operational Creditor, filed a petition against R.N. Metals Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP for a default of Rs. 30,61,967/-. Apex Ispat claimed to have supplied HR Coil and HR Plate to R.N. Metals on credit. R.N. Metals issued four undated cheques amounting to Rs. 36,90,267/- to Apex Ispat, covering the principal amount and interest. One cheque for Rs. 10,00,000/- was cleared, but two cheques for Rs. 20,61,967/- were not. R.N. Metals then cleared Rs. 20,61,967/- via RTGS. R.N. Metals also paid Rs. 6,28,300/- towards interest. Apex Ispat admitted to receiving Rs. 36,90,267/- but claimed entitlement to litigation costs and interest pendente lite. R.N. Metals argued
…The Operational Creditor issued a letter…
The Operational Creditor issued Form-3 demand…