The case involves a petition filed by Tikmani Steel Trading Company (Financial Creditor) against Rukmani Ispat Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,49,62,819.67/- as of February 22, 2021, including interest. The Corporate Debtor contested the claim, arguing that the petition was not maintainable and that the amount was not due. The petition was initially dismissed for non-prosecution but was later restored. The Corporate Debtor argued that the amount of Rs. 98 Lakh received from the Financial Creditor was paid to other companies on the Financial
…Tikmani Steel Trading Company (Financial Creditor) filed a petition against Rukmani Ispat Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 1,49,62,819.67/- as of February 22, 2021, including interest. The Financial Creditor sanctioned and disbursed Rs. 98,00,000/- to the Corporate Debtor on December 7, 2017. The Corporate Debtor argued that it paid Rs. 98 Lakh to Ezone Strips Pvt. Ltd. (Rs. 72,59,755/-) and Ajay Tube Industries Pvt. Ltd. (Rs. 23,40,245/-) on the Financial Creditor's request. The Financial Creditor issued a demand notice on June 17, 2020, claiming an unpaid operational debt. The Corporate Debtor made a payment of Rs. 2,50,000/- which was adjusted against the
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The case involves a petition filed by Tikmani Steel Trading Company (Financial Creditor) against Rukmani Ispat Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,49,62,819.67/- as of February 22, 2021, including interest. The Corporate Debtor contested the claim, arguing that the petition was not maintainable and that the amount was not due. The petition was initially dismissed for non-prosecution but was later restored. The Corporate Debtor argued that the amount of Rs. 98 Lakh received from the Financial Creditor was paid to other companies on the Financial
…Tikmani Steel Trading Company (Financial Creditor) filed a petition against Rukmani Ispat Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 1,49,62,819.67/- as of February 22, 2021, including interest. The Financial Creditor sanctioned and disbursed Rs. 98,00,000/- to the Corporate Debtor on December 7, 2017. The Corporate Debtor argued that it paid Rs. 98 Lakh to Ezone Strips Pvt. Ltd. (Rs. 72,59,755/-) and Ajay Tube Industries Pvt. Ltd. (Rs. 23,40,245/-) on the Financial Creditor's request. The Financial Creditor issued a demand notice on June 17, 2020, claiming an unpaid operational debt. The Corporate Debtor made a payment of Rs. 2,50,000/- which was adjusted against the
…Financial Creditor…
Corporate Debto…