The case originates from a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Mr. Amit Mittal, operating as M/s. Shyam Udyog (Operational Creditor), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Vijay Engifab India Pvt. Ltd (Corporate Debtor). The Operational Creditor claimed an amount of Rs. 1,03,37,635/- due, including interest at 24% p.a. on a principal amount of Rs. 84,19,041/- from the default date of 21.09.2019 until 15.08.2020, with further interest at 24% p.a. until payment or realization. The Corporate Debtor failed to file a reply to the application, leading to the forfeiture of their right to do so.
Mr. Amit Mittal, operating as M/s. Shyam Udyog (Operational Creditor), filed a petition under Section 9 of the IBC against M/s. Vijay Engifab India Pvt. Ltd (Corporate Debtor), seeking initiation of CIRP. The Operational Creditor claimed Rs. 1,03,37,635/- due, including interest at 24% p.a. on a principal amount of Rs. 84,19,041/-. The debt arose from the sale and delivery of steel materials under 13 invoices raised between 01.08.2019 and 19.09.2019, with payment terms of 60 days and a 24% interest clause for delayed payments. The Corporate Debtor made part payments of Rs. 10,60,288/- on 14.10.2019 and Rs. 10,98,639 on 01.11.2019. The Operational Creditor raised a debit note on 15.08.2020 for Rs. 19,18,594/- towards delayed interest payment. A demand notice was issued
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Operational Creditor raised 13 invoices to…
Operational Creditor raised 13 invoices to…
The case originates from a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Mr. Amit Mittal, operating as M/s. Shyam Udyog (Operational Creditor), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Vijay Engifab India Pvt. Ltd (Corporate Debtor). The Operational Creditor claimed an amount of Rs. 1,03,37,635/- due, including interest at 24% p.a. on a principal amount of Rs. 84,19,041/- from the default date of 21.09.2019 until 15.08.2020, with further interest at 24% p.a. until payment or realization. The Corporate Debtor failed to file a reply to the application, leading to the forfeiture of their right to do so.
Mr. Amit Mittal, operating as M/s. Shyam Udyog (Operational Creditor), filed a petition under Section 9 of the IBC against M/s. Vijay Engifab India Pvt. Ltd (Corporate Debtor), seeking initiation of CIRP. The Operational Creditor claimed Rs. 1,03,37,635/- due, including interest at 24% p.a. on a principal amount of Rs. 84,19,041/-. The debt arose from the sale and delivery of steel materials under 13 invoices raised between 01.08.2019 and 19.09.2019, with payment terms of 60 days and a 24% interest clause for delayed payments. The Corporate Debtor made part payments of Rs. 10,60,288/- on 14.10.2019 and Rs. 10,98,639 on 01.11.2019. The Operational Creditor raised a debit note on 15.08.2020 for Rs. 19,18,594/- towards delayed interest payment. A demand notice was issued
…Operational Creditor raised 13 invoices to…
Operational Creditor raised 13 invoices to…