The case involves an application filed by M/s. Sunder Engineering Works, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Satnam Global Infraprojects Limited, the Corporate Debtor, due to an alleged default in payment of Rs. 1,28,23,427.07/-. The Operational Creditor claims this amount is payable along with interest as mentioned in the invoices. The Corporate Debtor contested the application, arguing that the amount due was less than the threshold limit of Rs. 1 crore and that the Operational Creditor did not deliver all the goods as per the order placed and supplied inferior goods.
M/s. Sunder Engineering Works (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against M/s. Satnam Global Infraprojects Limited (Corporate Debtor) for a debt of Rs. 1,28,23,427.07/-. The debt arose from unpaid invoices for goods supplied, including HR sheets, shapes, and sections. The invoices stipulated an 18% p.a. interest on delayed payments. The Corporate Debtor admitted to a principal debt of Rs. 96,12,291/- but claimed the total debt was below the Rs. 1 crore threshold. The Corporate Debtor also alleged deficiencies in the goods supplied and disputed the invoices. The Operational Creditor contended that interest should be included in the debt calculation and provided evidence of GST filings and input tax credit claims by the
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M/s. Sunder Engineering Works filed an…
The case involves an application filed by M/s. Sunder Engineering Works, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Satnam Global Infraprojects Limited, the Corporate Debtor, due to an alleged default in payment of Rs. 1,28,23,427.07/-. The Operational Creditor claims this amount is payable along with interest as mentioned in the invoices. The Corporate Debtor contested the application, arguing that the amount due was less than the threshold limit of Rs. 1 crore and that the Operational Creditor did not deliver all the goods as per the order placed and supplied inferior goods.
M/s. Sunder Engineering Works (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against M/s. Satnam Global Infraprojects Limited (Corporate Debtor) for a debt of Rs. 1,28,23,427.07/-. The debt arose from unpaid invoices for goods supplied, including HR sheets, shapes, and sections. The invoices stipulated an 18% p.a. interest on delayed payments. The Corporate Debtor admitted to a principal debt of Rs. 96,12,291/- but claimed the total debt was below the Rs. 1 crore threshold. The Corporate Debtor also alleged deficiencies in the goods supplied and disputed the invoices. The Operational Creditor contended that interest should be included in the debt calculation and provided evidence of GST filings and input tax credit claims by the
…Order passed by the…
M/s. Sunder Engineering Works filed an…