Sheetal Ispat Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against RKI Builders Private Limited, alleging a default of an operational debt exceeding Rupees One Crore. The applicant claimed that the corporate debtor had failed to pay an outstanding amount for goods supplied during 2014-15, despite repeated requests and a statutory notice. The corporate debtor contested the application, arguing that the applicant had charged an exorbitant interest rate and that the application was an attempt to force the company into premature winding up.
Sheetal Ispat Private Limited (Operational Creditor/Applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RKI Builders Private Limited (Corporate Debtor), alleging a default on an operational debt. The Applicant supplied goods (iron and steel products) to the Corporate Debtor during 2014-15, for which the Corporate Debtor placed purchase orders. The Corporate Debtor made partial payments against the total sales, leaving an outstanding amount. The Applicant issued a statutory notice under Section 8 of the Code, but the Corporate Debtor neither complied with the notice nor raised any dispute. The Corporate Debtor issued a cheque that was dishonored due to
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The Applicant dispatched material to the…
The Corporate Debtor issued a cheque, dated…
Sheetal Ispat Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against RKI Builders Private Limited, alleging a default of an operational debt exceeding Rupees One Crore. The applicant claimed that the corporate debtor had failed to pay an outstanding amount for goods supplied during 2014-15, despite repeated requests and a statutory notice. The corporate debtor contested the application, arguing that the applicant had charged an exorbitant interest rate and that the application was an attempt to force the company into premature winding up.
Sheetal Ispat Private Limited (Operational Creditor/Applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RKI Builders Private Limited (Corporate Debtor), alleging a default on an operational debt. The Applicant supplied goods (iron and steel products) to the Corporate Debtor during 2014-15, for which the Corporate Debtor placed purchase orders. The Corporate Debtor made partial payments against the total sales, leaving an outstanding amount. The Applicant issued a statutory notice under Section 8 of the Code, but the Corporate Debtor neither complied with the notice nor raised any dispute. The Corporate Debtor issued a cheque that was dishonored due to
…The Applicant dispatched material to the…
The Corporate Debtor issued a cheque, dated…