The Operational Creditor filed a company petition under section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to an alleged default in payment for supplied materials. The Corporate Debtor contended that the Operational Creditor deliberately did not deposit a post-dated cheque, which would have reduced the outstanding debt below the minimum threshold for initiating CIRP.
M/s Matrix Grating Private Limited, the Operational Creditor, filed a Company Petition under section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Stelmec Limited, the Corporate Debtor. The petition, filed on June 15, 2022, claimed an outstanding amount of INR 1,04,87,945/-. The date of default was specified as June 28, 2021, based on the last invoice. The Operational Creditor, involved in the manufacturing and supply of engineering products, began business with the Corporate Debtor in 2018 for the supply of Steel Structure Material. The payment terms agreed upon included a 90-day period with Post Dated Cheques (PDC). However, the Corporate Debtor allegedly failed to make timely
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The Corporate Debtor, Stelmec Limited, was…
One of the invoices raised by the…
The Operational Creditor filed a company petition under section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to an alleged default in payment for supplied materials. The Corporate Debtor contended that the Operational Creditor deliberately did not deposit a post-dated cheque, which would have reduced the outstanding debt below the minimum threshold for initiating CIRP.
M/s Matrix Grating Private Limited, the Operational Creditor, filed a Company Petition under section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Stelmec Limited, the Corporate Debtor. The petition, filed on June 15, 2022, claimed an outstanding amount of INR 1,04,87,945/-. The date of default was specified as June 28, 2021, based on the last invoice. The Operational Creditor, involved in the manufacturing and supply of engineering products, began business with the Corporate Debtor in 2018 for the supply of Steel Structure Material. The payment terms agreed upon included a 90-day period with Post Dated Cheques (PDC). However, the Corporate Debtor allegedly failed to make timely
…The Corporate Debtor, Stelmec Limited, was…
One of the invoices raised by the…