Fortune Metals Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tung Builders Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of TMT. The Adjudicating Authority considered whether the demand notice was properly served, whether the operational debt was disputed, and whether the application was filed within the limitation period.
Fortune Metals Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tung Builders Private Limited (Corporate Debtor). Fortune Metals Limited supplied TMT to Tung Builders Private Limited on a running account basis. The last payment made by Tung Builders Private Limited was Rs. 12,68,765/-. Thereafter, Tung Builders Private Limited stopped making payments, leading to a default of Rs. 1,01,12,899/-. A demand notice was issued on 23.11.2020, but no reply was received. The date of default was 23.04.2019. The application was filed on 12.08.2021. The corporate debtor did not appear, and the matter proceeded ex-parte.
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The date of de…
A demand notice in Form…
Fortune Metals Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tung Builders Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of TMT. The Adjudicating Authority considered whether the demand notice was properly served, whether the operational debt was disputed, and whether the application was filed within the limitation period.
Fortune Metals Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tung Builders Private Limited (Corporate Debtor). Fortune Metals Limited supplied TMT to Tung Builders Private Limited on a running account basis. The last payment made by Tung Builders Private Limited was Rs. 12,68,765/-. Thereafter, Tung Builders Private Limited stopped making payments, leading to a default of Rs. 1,01,12,899/-. A demand notice was issued on 23.11.2020, but no reply was received. The date of default was 23.04.2019. The application was filed on 12.08.2021. The corporate debtor did not appear, and the matter proceeded ex-parte.
The date of de…
A demand notice in Form…