M/s. Sarvottam Rolling Mills Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Rathi Industries Limited, alleging default in payment for TMT bars supplied. The petitioner claimed that despite supplying goods supported by invoices and e-way bills, 17 invoices remained unpaid. The corporate debtor raised a debit note for a larger amount, claiming losses due to the petitioner's failure to supply the committed quantity of goods due to a sharp rise in market prices. The Adjudicating Authority considered the matter, noting the corporate debtor's defense of a pre-existing dispute and the vagueness of the debit note.
M/s. Sarvottam Rolling Mills Private Limited (Operational Creditor) supplied TMT bars to M/s. Rathi Industries Limited (Corporate Debtor) based on oral purchase orders. The supply occurred between January 2022 and May 15, 2022, supported by invoices and e-way bills. The Operational Creditor claimed that 17 invoices remained unpaid. Two payments were made by the Corporate Debtor on 04.06.2022 and 06.06.2022, each for Rs. 15,00,000/-. The Operational Creditor issued a demand notice on 10.06.2022, claiming Rs. 1,73,30,765/- as outstanding, including interest at 18% per annum. The Corporate Debtor raised a debit note for Rs. 5,14,88,460/-, alleging losses due to the Operational Creditor's failure to supply the committed quantity of goods because of a sharp rise in market
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Supply of TMT Bars from January 2022 to May…
Corporate Debtor made a…
M/s. Sarvottam Rolling Mills Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Rathi Industries Limited, alleging default in payment for TMT bars supplied. The petitioner claimed that despite supplying goods supported by invoices and e-way bills, 17 invoices remained unpaid. The corporate debtor raised a debit note for a larger amount, claiming losses due to the petitioner's failure to supply the committed quantity of goods due to a sharp rise in market prices. The Adjudicating Authority considered the matter, noting the corporate debtor's defense of a pre-existing dispute and the vagueness of the debit note.
M/s. Sarvottam Rolling Mills Private Limited (Operational Creditor) supplied TMT bars to M/s. Rathi Industries Limited (Corporate Debtor) based on oral purchase orders. The supply occurred between January 2022 and May 15, 2022, supported by invoices and e-way bills. The Operational Creditor claimed that 17 invoices remained unpaid. Two payments were made by the Corporate Debtor on 04.06.2022 and 06.06.2022, each for Rs. 15,00,000/-. The Operational Creditor issued a demand notice on 10.06.2022, claiming Rs. 1,73,30,765/- as outstanding, including interest at 18% per annum. The Corporate Debtor raised a debit note for Rs. 5,14,88,460/-, alleging losses due to the Operational Creditor's failure to supply the committed quantity of goods because of a sharp rise in market
…Supply of TMT Bars from January 2022 to May…
Corporate Debtor made a…