M/s Jalan Sales Corporation filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sree Bajrang Infracon Private Limited. The operational debt claimed was Rs. 5,89,34,857.80/-, including principal and interest. The Corporate Debtor (CD) had purchased TMT Bars and Rods from the Operational Creditor (OC) and issued post-dated cheques which were dishonored. A criminal case and money suit were filed but later withdrawn after a Memorandum of Understanding (MoU) was executed. The CD again defaulted on payments, leading to the initiation of the CIRP.
M/s Jalan Sales Corporation, an operational creditor, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sree Bajrang Infracon Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational debt claimed was Rs. 5,89,34,857.80/-, comprising a principal amount of Rs. 3,00,68,805/- and interest of Rs. 2,88,66,052.80/-. The corporate debtor had purchased TMT Bars and Rods from the operational creditor in March 2021. The corporate debtor issued post-dated cheques that were dishonored. The operational creditor filed a criminal case and a money suit, which were later withdrawn after a Memorandum of Understanding (MoU) was executed. The corporate debtor again defaulted on payments. A
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The Corporate Debtor (CD) initially approached…
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M/s Jalan Sales Corporation filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sree Bajrang Infracon Private Limited. The operational debt claimed was Rs. 5,89,34,857.80/-, including principal and interest. The Corporate Debtor (CD) had purchased TMT Bars and Rods from the Operational Creditor (OC) and issued post-dated cheques which were dishonored. A criminal case and money suit were filed but later withdrawn after a Memorandum of Understanding (MoU) was executed. The CD again defaulted on payments, leading to the initiation of the CIRP.
M/s Jalan Sales Corporation, an operational creditor, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sree Bajrang Infracon Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational debt claimed was Rs. 5,89,34,857.80/-, comprising a principal amount of Rs. 3,00,68,805/- and interest of Rs. 2,88,66,052.80/-. The corporate debtor had purchased TMT Bars and Rods from the operational creditor in March 2021. The corporate debtor issued post-dated cheques that were dishonored. The operational creditor filed a criminal case and a money suit, which were later withdrawn after a Memorandum of Understanding (MoU) was executed. The corporate debtor again defaulted on payments. A
…The Corporate Debtor (CD) initially approached…
The CD issued…