The case originates from a Company Petition filed by Agrasen Iron and Steels Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sebros Steels Private Limited (Corporate Debtor). The petitioner alleges that the corporate debtor defaulted on payments amounting to Rs. 2,55,88,486/- as of 30.09.2020.
Agrasen Iron and Steels Private Limited (the Petitioner) filed a Company Petition against Sebros Steels Private Limited (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 2,55,88,486/- as of 30.09.2020. The debt comprises Rs. 1,83,83,697/- as the principal amount for invoices raised and Rs. 72,04,789/- as interest at 24% p.a. on delayed payments. The Petitioner supplied products to the Corporate Debtor from 2017 until July 2019 based on purchase orders. The Corporate Debtor made a part payment of Rs. 12,00,000/- on 13.12.2019 but failed to make further payments. The Corporate Debtor admitted to the outstanding dues in its account ledger as of 01.04.2019 and 30.06.2019. The Petitioner issued a demand notice
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The case originates from a Company Petition filed by Agrasen Iron and Steels Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sebros Steels Private Limited (Corporate Debtor). The petitioner alleges that the corporate debtor defaulted on payments amounting to Rs. 2,55,88,486/- as of 30.09.2020.
Agrasen Iron and Steels Private Limited (the Petitioner) filed a Company Petition against Sebros Steels Private Limited (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 2,55,88,486/- as of 30.09.2020. The debt comprises Rs. 1,83,83,697/- as the principal amount for invoices raised and Rs. 72,04,789/- as interest at 24% p.a. on delayed payments. The Petitioner supplied products to the Corporate Debtor from 2017 until July 2019 based on purchase orders. The Corporate Debtor made a part payment of Rs. 12,00,000/- on 13.12.2019 but failed to make further payments. The Corporate Debtor admitted to the outstanding dues in its account ledger as of 01.04.2019 and 30.06.2019. The Petitioner issued a demand notice
…The Petitioner started supplying products to…
The Petitioner…