The case involves an application filed by M/s. Trimurti Trading Co., the Operational Creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Rukmini Iron Pvt. Ltd., the Corporate Debtor (CD). The OC claimed that the CD defaulted on payments amounting to Rs. 1,09,46,237/- for iron products (TMT bars) sold between 08.09.2021 and 16.09.2021. The OC sent demand notices, and the CD acknowledged the debt but failed to make payments. The CD argued that the proceedings were recovery proceedings and that the OC did not comply with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by not providing details of default with the Information
…M/s. Trimurti Trading Co., the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Rukmini Iron Pvt. Ltd., the Corporate Debtor (CD). The OC claimed that the CD defaulted on payments amounting to Rs. 1,09,46,237/- for iron products (TMT bars) sold between 08.09.2021 and 16.09.2021. The OC sent emails dated 20.09.2021, 23.09.2021, and 25.09.2021 to the CD demanding payment. The CD responded on 09.10.2021, acknowledging the dues and stating they were in the process of clearing them. The OC sent a demand notice dated 08.11.2021 under Section 8 of the IBC. The CD replied on 22.11.2021, admitting the operational debt but questioning the
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Debt incurred for iron…
Operational Creditor sent emails dated…
The case involves an application filed by M/s. Trimurti Trading Co., the Operational Creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Rukmini Iron Pvt. Ltd., the Corporate Debtor (CD). The OC claimed that the CD defaulted on payments amounting to Rs. 1,09,46,237/- for iron products (TMT bars) sold between 08.09.2021 and 16.09.2021. The OC sent demand notices, and the CD acknowledged the debt but failed to make payments. The CD argued that the proceedings were recovery proceedings and that the OC did not comply with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by not providing details of default with the Information
…M/s. Trimurti Trading Co., the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Rukmini Iron Pvt. Ltd., the Corporate Debtor (CD). The OC claimed that the CD defaulted on payments amounting to Rs. 1,09,46,237/- for iron products (TMT bars) sold between 08.09.2021 and 16.09.2021. The OC sent emails dated 20.09.2021, 23.09.2021, and 25.09.2021 to the CD demanding payment. The CD responded on 09.10.2021, acknowledging the dues and stating they were in the process of clearing them. The OC sent a demand notice dated 08.11.2021 under Section 8 of the IBC. The CD replied on 22.11.2021, admitting the operational debt but questioning the
…Debt incurred for iron…
Operational Creditor sent emails dated…