Sujana Universal Industries Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sudha Siva Traders Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in supplying materials for which an advance of Rs.2,62,51,967/- was paid. The Corporate Debtor admitted the debt and default in its counter. The Tribunal directed the Corporate Debtor to file audited balance sheets and the Operational Creditor to obtain affidavits from two creditors confirming payments to the Corporate Debtor.
Sujana Universal Industries Limited (Operational Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Sudha Siva Traders Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed a debt of Rs.2,62,51,967/- as of 31.03.2021, arising from an advance paid for the supply of materials. The Operational Creditor is a listed company engaged in manufacturing metal products, appliances, and bearings, while the Corporate Debtor is engaged in the trading business. The Operational Creditor had been buying iron and steel goods from the Corporate Debtor since 2013. Part of the advance was paid to the Corporate Debtor through EBC Bearings (India) Limited and Infiniti
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Operational Creditor…
Operational Creditor paid an advance aggregating…
Sujana Universal Industries Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sudha Siva Traders Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in supplying materials for which an advance of Rs.2,62,51,967/- was paid. The Corporate Debtor admitted the debt and default in its counter. The Tribunal directed the Corporate Debtor to file audited balance sheets and the Operational Creditor to obtain affidavits from two creditors confirming payments to the Corporate Debtor.
Sujana Universal Industries Limited (Operational Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Sudha Siva Traders Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed a debt of Rs.2,62,51,967/- as of 31.03.2021, arising from an advance paid for the supply of materials. The Operational Creditor is a listed company engaged in manufacturing metal products, appliances, and bearings, while the Corporate Debtor is engaged in the trading business. The Operational Creditor had been buying iron and steel goods from the Corporate Debtor since 2013. Part of the advance was paid to the Corporate Debtor through EBC Bearings (India) Limited and Infiniti
…Operational Creditor…
Operational Creditor paid an advance aggregating…