The case involves a Company Petition filed by M/s Rashnidhi Kumar & Bros, an operational creditor, against Shreepati Steel Tubes Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs.6,37,63,095, comprising a principal amount of Rs.5,34,15,815 and interest of Rs.1,39,47,280 calculated at 24% per annum up to 30.04.2018. The operational creditor claimed that they supplied goods, specifically H.R. Coils and H.R. Slits, to the corporate debtor based on purchase orders, raising 35 invoices between 07.01.2017 and 03.03.2017. The corporate debtor denied the supply of goods and claimed that the invoices lacked proper
…M/s Rashnidhi Kumar & Bros, a proprietorship firm, filed a Company Petition on 18.07.2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shreepati Steel Tubes Pvt Ltd, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The claim was for a default of Rs.6,37,63,095, including a principal of Rs.5,34,15,815 and interest of Rs.1,39,47,280 calculated at 24% per annum up to 30.04.2018. The operational creditor alleged that they supplied H.R. Coils and H.R. Slits to the corporate debtor, raising 35 invoices between 07.01.2017 and 03.03.2017, with a 45-day payment period and 2% monthly interest for delayed payments. A demand notice was issued on 02.06.2018. The corporate debtor denied the supply of goods, claimed the invoices
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The case involves a Company Petition filed by M/s Rashnidhi Kumar & Bros, an operational creditor, against Shreepati Steel Tubes Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs.6,37,63,095, comprising a principal amount of Rs.5,34,15,815 and interest of Rs.1,39,47,280 calculated at 24% per annum up to 30.04.2018. The operational creditor claimed that they supplied goods, specifically H.R. Coils and H.R. Slits, to the corporate debtor based on purchase orders, raising 35 invoices between 07.01.2017 and 03.03.2017. The corporate debtor denied the supply of goods and claimed that the invoices lacked proper
…M/s Rashnidhi Kumar & Bros, a proprietorship firm, filed a Company Petition on 18.07.2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shreepati Steel Tubes Pvt Ltd, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The claim was for a default of Rs.6,37,63,095, including a principal of Rs.5,34,15,815 and interest of Rs.1,39,47,280 calculated at 24% per annum up to 30.04.2018. The operational creditor alleged that they supplied H.R. Coils and H.R. Slits to the corporate debtor, raising 35 invoices between 07.01.2017 and 03.03.2017, with a 45-day payment period and 2% monthly interest for delayed payments. A demand notice was issued on 02.06.2018. The corporate debtor denied the supply of goods, claimed the invoices
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