The case involves a petition filed by Nancy Ispat Private Limited, an operational creditor, against S.D. Engineers Tech Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to unpaid dues for the supply of materials. The corporate debtor admitted to a liability but contested the amount, alleging exorbitant rates charged by the operational creditor and claiming to have made payments after adjusting for these alleged overcharges. The operational creditor claimed that the corporate debtor defaulted on payments, leading to the issuance of demand notices and dishonored cheques.
Nancy Ispat Private Limited (operational creditor) engaged in the business of selling and supplying materials like M.S. Plates, Die Steel, Steel Alloy, Steel Rod, Steel Sheet, Steel Plates, etc., to S.D. Engineers Tech Private Limited (corporate debtor). The corporate debtor regularly placed orders with the operational creditor. The operational creditor raised invoices systematically and served them to the corporate debtor along with each supply. Payments were released erratically, leading the operational creditor to settle payments on a FIFO basis. The corporate debtor was inconsistent in making payments, prompting the operational creditor to approach the corporate debtor's officials. Due to continuous default, the operational creditor stopped supplies and issued a
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Corporate debtor stops…
Operational creditor issued a demand notice…
The case involves a petition filed by Nancy Ispat Private Limited, an operational creditor, against S.D. Engineers Tech Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to unpaid dues for the supply of materials. The corporate debtor admitted to a liability but contested the amount, alleging exorbitant rates charged by the operational creditor and claiming to have made payments after adjusting for these alleged overcharges. The operational creditor claimed that the corporate debtor defaulted on payments, leading to the issuance of demand notices and dishonored cheques.
Nancy Ispat Private Limited (operational creditor) engaged in the business of selling and supplying materials like M.S. Plates, Die Steel, Steel Alloy, Steel Rod, Steel Sheet, Steel Plates, etc., to S.D. Engineers Tech Private Limited (corporate debtor). The corporate debtor regularly placed orders with the operational creditor. The operational creditor raised invoices systematically and served them to the corporate debtor along with each supply. Payments were released erratically, leading the operational creditor to settle payments on a FIFO basis. The corporate debtor was inconsistent in making payments, prompting the operational creditor to approach the corporate debtor's officials. Due to continuous default, the operational creditor stopped supplies and issued a
…Corporate debtor stops…
Operational creditor issued a demand notice…