The application was filed by M/s. Sunder Engineering Works, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Satnam Global Infraprojects Limited, the Corporate Debtor, for default in payment of Rs. 1,28,23,427.07/-. The Operational Creditor claimed that this amount was payable along with interest as mentioned in the invoices. The Corporate Debtor contended that the amount was less than the threshold limit of Rs. 1 crore as per Section 4 of the Code and that the goods supplied were inferior and not fully delivered.
M/s. Sunder Engineering Works (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Satnam Global Infraprojects Limited (Corporate Debtor) for non-payment of Rs. 1,28,23,427.07/-. The debt arose from the supply of HR sheets, shapes, and sections as per various invoices. The invoices included a clause for charging 18% interest p.a. on delayed payments. The Corporate Debtor admitted to an outstanding principal amount of Rs. 96,12,291/- but claimed the total debt was below the Rs. 1 crore threshold. The Corporate Debtor also alleged that the goods supplied were inferior and not fully delivered. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, which was
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The application was filed by M/s. Sunder Engineering Works, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Satnam Global Infraprojects Limited, the Corporate Debtor, for default in payment of Rs. 1,28,23,427.07/-. The Operational Creditor claimed that this amount was payable along with interest as mentioned in the invoices. The Corporate Debtor contended that the amount was less than the threshold limit of Rs. 1 crore as per Section 4 of the Code and that the goods supplied were inferior and not fully delivered.
M/s. Sunder Engineering Works (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Satnam Global Infraprojects Limited (Corporate Debtor) for non-payment of Rs. 1,28,23,427.07/-. The debt arose from the supply of HR sheets, shapes, and sections as per various invoices. The invoices included a clause for charging 18% interest p.a. on delayed payments. The Corporate Debtor admitted to an outstanding principal amount of Rs. 96,12,291/- but claimed the total debt was below the Rs. 1 crore threshold. The Corporate Debtor also alleged that the goods supplied were inferior and not fully delivered. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, which was
…Order passed by the…