The case pertains to an application filed by Jindal Nickel and Alloys Ltd, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Surana Meta Cast (India) Pvt Ltd, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on payments for supplied nickel cathodes. The application was filed due to the Corporate Debtor's failure to pay the outstanding debt despite the issuance of demand notices.
Jindal Nickel and Alloys Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Surana Meta Cast (India) Pvt Ltd, the Corporate Debtor. The Operational Creditor supplied nickel cathodes to the Corporate Debtor and raised invoices on 15.07.2022, 19.07.2022, and 03.08.2022. The Corporate Debtor defaulted on payments, with a default amount of Rs. 2,47,21,760 as of 14.08.2022. The debt comprised a principal amount of Rs. 2,09,86,439 and interest of Rs. 37,35,321 at 12% per annum. The Operational Creditor issued a demand notice on 09.01.2024, but the Corporate Debtor failed to make the payment. The Corporate Debtor cited continuous losses and financial difficulties as reasons for non-payment, also claiming
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The case pertains to an application filed by Jindal Nickel and Alloys Ltd, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Surana Meta Cast (India) Pvt Ltd, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on payments for supplied nickel cathodes. The application was filed due to the Corporate Debtor's failure to pay the outstanding debt despite the issuance of demand notices.
Jindal Nickel and Alloys Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Surana Meta Cast (India) Pvt Ltd, the Corporate Debtor. The Operational Creditor supplied nickel cathodes to the Corporate Debtor and raised invoices on 15.07.2022, 19.07.2022, and 03.08.2022. The Corporate Debtor defaulted on payments, with a default amount of Rs. 2,47,21,760 as of 14.08.2022. The debt comprised a principal amount of Rs. 2,09,86,439 and interest of Rs. 37,35,321 at 12% per annum. The Operational Creditor issued a demand notice on 09.01.2024, but the Corporate Debtor failed to make the payment. The Corporate Debtor cited continuous losses and financial difficulties as reasons for non-payment, also claiming
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