The case involves a petition filed by Modi Oil and General Mills, an operational creditor, against Tirupati Coatings Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default on unpaid invoices for the supply of alloyed steel bar, alloy round bar, and alloy steel. The corporate debtor contested the application, citing that its assets were under the custody of a receiver appointed by DRT-III Delhi due to proceedings initiated by HDFC Bank and that the demand notice was not properly served. The corporate debtor also disputed the quality and quantity of goods supplied.
Modi Oil and General Mills, an operational creditor, filed a petition against Tirupati Coatings Private Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that the corporate debtor defaulted on payments for invoices related to the supply of alloyed steel bar, alloy round bar, and alloy steel. The total outstanding amount was Rs. 1,15,32,155/- for 16 invoices ranging from November 11, 2020, to January 17, 2021. The operational creditor issued a demand notice on May 17, 2021. The corporate debtor argued that its assets were under the custody of a receiver appointed by DRT-III Delhi, that the demand notice was not properly served, and that the goods supplied were not as per the order. The DRT order
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The Insolven…
Section 10A of the IBC came into effect, barring…
The case involves a petition filed by Modi Oil and General Mills, an operational creditor, against Tirupati Coatings Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default on unpaid invoices for the supply of alloyed steel bar, alloy round bar, and alloy steel. The corporate debtor contested the application, citing that its assets were under the custody of a receiver appointed by DRT-III Delhi due to proceedings initiated by HDFC Bank and that the demand notice was not properly served. The corporate debtor also disputed the quality and quantity of goods supplied.
Modi Oil and General Mills, an operational creditor, filed a petition against Tirupati Coatings Private Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that the corporate debtor defaulted on payments for invoices related to the supply of alloyed steel bar, alloy round bar, and alloy steel. The total outstanding amount was Rs. 1,15,32,155/- for 16 invoices ranging from November 11, 2020, to January 17, 2021. The operational creditor issued a demand notice on May 17, 2021. The corporate debtor argued that its assets were under the custody of a receiver appointed by DRT-III Delhi, that the demand notice was not properly served, and that the goods supplied were not as per the order. The DRT order
…The Insolven…
Section 10A of the IBC came into effect, barring…