The case involves an application filed by Govind Yadav, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Simplex Infrastructure Limited, the Corporate Debtor. The Operational Creditor is in the business of supplying shuttering material on a rent basis and claims that the Corporate Debtor defaulted on payments for such supplies. The application was filed before the National Company Law Tribunal (NCLT), Kolkata.
Govind Yadav, the Operational Creditor, is in the business of supplying shuttering material on a rental basis. Simplex Infrastructure Limited, the Corporate Debtor, procured these materials based on a purchase order dated 2018-04-06. Invoices were raised for these supplies between 2018-05-01 and 2022-03-01, totaling Rs. 1,36,53,848. The Operational Creditor claims to have received only Rs. 4,32,456, leaving Rs. 1,32,21,390 unpaid. The Operational Creditor also claimed interest at 24% per annum, amounting to Rs. 28,36,000, bringing the total claimed default to Rs. 1,60,57,390. The Corporate Debtor argued that invoices falling under Section 10A of the I&B Code (2020-04-01 to 2021-03-01), amounting to Rs. 19,01,297, should be excluded. Additionally, Rs. 65,20,090 was
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Corporate Debtor issued…
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The case involves an application filed by Govind Yadav, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Simplex Infrastructure Limited, the Corporate Debtor. The Operational Creditor is in the business of supplying shuttering material on a rent basis and claims that the Corporate Debtor defaulted on payments for such supplies. The application was filed before the National Company Law Tribunal (NCLT), Kolkata.
Govind Yadav, the Operational Creditor, is in the business of supplying shuttering material on a rental basis. Simplex Infrastructure Limited, the Corporate Debtor, procured these materials based on a purchase order dated 2018-04-06. Invoices were raised for these supplies between 2018-05-01 and 2022-03-01, totaling Rs. 1,36,53,848. The Operational Creditor claims to have received only Rs. 4,32,456, leaving Rs. 1,32,21,390 unpaid. The Operational Creditor also claimed interest at 24% per annum, amounting to Rs. 28,36,000, bringing the total claimed default to Rs. 1,60,57,390. The Corporate Debtor argued that invoices falling under Section 10A of the I&B Code (2020-04-01 to 2021-03-01), amounting to Rs. 19,01,297, should be excluded. Additionally, Rs. 65,20,090 was
…Corporate Debtor issued…
Invoices were…