The Operational Creditor, M/s. G.K ISPAT PRIVATE LIMITED, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. VEERA VAHANA PRIVATE LIMITED, due to an alleged default in payment. The Operational Creditor claimed that the Corporate Debtor had defaulted on a total outstanding amount of Rs. 3,42,33,537. The Corporate Debtor contested the application, arguing that the amount in default was less than the statutory threshold of Rs. 1 Crore, that there was a pre-existing dispute, and that the application was barred by limitation. The Corporate Debtor also highlighted a settlement meeting and subsequent breach of settlement terms by the Operational
…M/s. G.K ISPAT PRIVATE LIMITED (Operational Creditor) supplied iron and steel goods to M/s. VEERA VAHANA PRIVATE LIMITED (Corporate Debtor) against various purchase orders issued between 20.01.2017 and 22.02.2019. The Operational Creditor claimed a total outstanding amount of Rs. 3,42,33,537, inclusive of principal and interest, as of 30.08.2022. The Corporate Debtor made some part payments. The Corporate Debtor issued four cheques dated 11.08.2021, which were dishonored. The Operational Creditor served a demand notice on 29.09.2022, which was duly served to the Corporate Debtor on 04.10.2022. The Corporate Debtor responded on 11.10.2022, denying the allegations. A settlement meeting was held at the police station on 21.08.2021, where it was agreed that dues of Rs.
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Operational Creditor supplied iron and steel…
Operational Creditor supplied iron and steel…
The Operational Creditor, M/s. G.K ISPAT PRIVATE LIMITED, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. VEERA VAHANA PRIVATE LIMITED, due to an alleged default in payment. The Operational Creditor claimed that the Corporate Debtor had defaulted on a total outstanding amount of Rs. 3,42,33,537. The Corporate Debtor contested the application, arguing that the amount in default was less than the statutory threshold of Rs. 1 Crore, that there was a pre-existing dispute, and that the application was barred by limitation. The Corporate Debtor also highlighted a settlement meeting and subsequent breach of settlement terms by the Operational
…M/s. G.K ISPAT PRIVATE LIMITED (Operational Creditor) supplied iron and steel goods to M/s. VEERA VAHANA PRIVATE LIMITED (Corporate Debtor) against various purchase orders issued between 20.01.2017 and 22.02.2019. The Operational Creditor claimed a total outstanding amount of Rs. 3,42,33,537, inclusive of principal and interest, as of 30.08.2022. The Corporate Debtor made some part payments. The Corporate Debtor issued four cheques dated 11.08.2021, which were dishonored. The Operational Creditor served a demand notice on 29.09.2022, which was duly served to the Corporate Debtor on 04.10.2022. The Corporate Debtor responded on 11.10.2022, denying the allegations. A settlement meeting was held at the police station on 21.08.2021, where it was agreed that dues of Rs.
…Operational Creditor supplied iron and steel…
Operational Creditor supplied iron and steel…