The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Shera Metal Private Limited, the Operational Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Unilec Engineers Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in payment of a principal amount of Rs. 30,46,260/- along with 18% interest per annum. The Corporate Debtor contested the maintainability of the application, alleging lack of authorization, non-delivery of the demand notice, and absence of default as defined under Section 3(12) of the IBC, 2016.
M/s Shera Metal Private Limited (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 Unilec Engineers Limited (Corporate Debtor). The Operational Creditor is engaged in the business of manufacturing non-ferrous metal and its alloy products and continuously supplied goods to the Corporate Debtor. The Corporate Debtor made payments intermittently, maintaining a continuous account. Payments fell due as per invoices, but the Corporate Debtor preferred to make payments on an account basis. The Corporate Debtor issued five cheques to the Operational Creditor, which were presented on 19/03/2018 but dishonored on 20/03/2018. A demand notice dated
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Five cheques issued by the Corporate Debtor were…
The cheques issued by…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Shera Metal Private Limited, the Operational Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Unilec Engineers Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in payment of a principal amount of Rs. 30,46,260/- along with 18% interest per annum. The Corporate Debtor contested the maintainability of the application, alleging lack of authorization, non-delivery of the demand notice, and absence of default as defined under Section 3(12) of the IBC, 2016.
M/s Shera Metal Private Limited (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 Unilec Engineers Limited (Corporate Debtor). The Operational Creditor is engaged in the business of manufacturing non-ferrous metal and its alloy products and continuously supplied goods to the Corporate Debtor. The Corporate Debtor made payments intermittently, maintaining a continuous account. Payments fell due as per invoices, but the Corporate Debtor preferred to make payments on an account basis. The Corporate Debtor issued five cheques to the Operational Creditor, which were presented on 19/03/2018 but dishonored on 20/03/2018. A demand notice dated
…Five cheques issued by the Corporate Debtor were…
The cheques issued by…