M/s Jindal Stainless Ltd. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Singhal Strips Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 1,08,26,175.63/-. The NCLT Delhi initially rejected the application due to a pre-existing dispute, but NCLAT overturned this decision. The Adjudicating Authority then revived the application.
M/s Jindal Stainless Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Singhal Strips Limited (Corporate Debtor) for initiation of CIRP due to unpaid operational debt. The Operational Creditor and Corporate Debtor had a business relationship since 2011, involving the supply of stainless steel and a job conversion agreement. The Operational Creditor claimed a default of Rs. 1,08,26,175.63/- based on seven unpaid invoices. A demand notice was issued on 22.05.2019. The Corporate Debtor claimed that five invoices were paid and adjusted via RTGS and debit notes, and that a counter claim of Rs. 1.20 Crores existed for job work done. The NCLT initially rejected the application due to a pre-existing
…Sign in to view the parties.
Operational Creditor…
Corporate Debtor filed…
M/s Jindal Stainless Ltd. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Singhal Strips Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 1,08,26,175.63/-. The NCLT Delhi initially rejected the application due to a pre-existing dispute, but NCLAT overturned this decision. The Adjudicating Authority then revived the application.
M/s Jindal Stainless Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Singhal Strips Limited (Corporate Debtor) for initiation of CIRP due to unpaid operational debt. The Operational Creditor and Corporate Debtor had a business relationship since 2011, involving the supply of stainless steel and a job conversion agreement. The Operational Creditor claimed a default of Rs. 1,08,26,175.63/- based on seven unpaid invoices. A demand notice was issued on 22.05.2019. The Corporate Debtor claimed that five invoices were paid and adjusted via RTGS and debit notes, and that a counter claim of Rs. 1.20 Crores existed for job work done. The NCLT initially rejected the application due to a pre-existing
…Operational Creditor…
Corporate Debtor filed…