M/s Adhunik Niryat Ispat 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 M/s Surya Irrigation Private Limited, the Corporate Debtor, due to non-payment of operational debt. The Operational Creditor supplied aluminum scrap to Surya Alumex, a unit of the Corporate Debtor. The Corporate Debtor failed to pay the outstanding amount of Rs. 25,00,032/- along with interest, leading to the application for CIRP.
M/s Adhunik Niryat Ispat Limited (Operational Creditor) supplied aluminum scrap to Surya Alumex, a unit of M/s Surya Irrigation Private Limited (Corporate Debtor). The total amount of supply was Rs. 5,75,61,797 during the period from 01.04.2017 to 31.03.2018. After settling some amount, a balance of Rs. 25,00,032 remained unpaid. The Corporate Debtor did not pay this amount along with interest of Rs. 5,38,012 till 20.11.2019. The Operational Creditor issued a Demand Notice under Section 8 of the Code on 20.10.2019 for the payment of Rs. 30,38,044. The Corporate Debtor claimed that the dealing was with Surya Alumex, the goods were defective, and the Demand Notice was not received. The Applicant submitted that Surya Alumex is a unit of the Corporate Debtor, and the PAN
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M/s Adhunik Niryat Ispat 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 M/s Surya Irrigation Private Limited, the Corporate Debtor, due to non-payment of operational debt. The Operational Creditor supplied aluminum scrap to Surya Alumex, a unit of the Corporate Debtor. The Corporate Debtor failed to pay the outstanding amount of Rs. 25,00,032/- along with interest, leading to the application for CIRP.
M/s Adhunik Niryat Ispat Limited (Operational Creditor) supplied aluminum scrap to Surya Alumex, a unit of M/s Surya Irrigation Private Limited (Corporate Debtor). The total amount of supply was Rs. 5,75,61,797 during the period from 01.04.2017 to 31.03.2018. After settling some amount, a balance of Rs. 25,00,032 remained unpaid. The Corporate Debtor did not pay this amount along with interest of Rs. 5,38,012 till 20.11.2019. The Operational Creditor issued a Demand Notice under Section 8 of the Code on 20.10.2019 for the payment of Rs. 30,38,044. The Corporate Debtor claimed that the dealing was with Surya Alumex, the goods were defective, and the Demand Notice was not received. The Applicant submitted that Surya Alumex is a unit of the Corporate Debtor, and the PAN
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