The case involves a Company Petition filed by Alpine Stampings, an Operational Creditor, against Vikarsh Stampings India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of an operational debt amounting to Rs. 1,07,33,947.51/- including interest. The Corporate Debtor opposed the petition, primarily arguing that the principal amount claimed was below the threshold limit specified under Section 4 of the Code.
Alpine Stampings (Operational Creditor) filed a petition against Vikarsh Stampings India Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for electrical slit coils purchased in 2020-21, totaling Rs. 1,07,33,947.51/- including interest. The Operational Creditor issued four purchase orders and supplied goods, issuing tax invoices with a 24% interest clause for overdue payments. Despite reminders, the Corporate Debtor failed to pay. The Corporate Debtor acknowledged the debt in emails and letters, including a balance confirmation dated February 10, 2021, and issued ten undated cheques for an 'old outstanding'. The
…Sign in to view the parties.
The Petitioner issued Four Purchase orders for…
The Petitioner visited the office of the…
The case involves a Company Petition filed by Alpine Stampings, an Operational Creditor, against Vikarsh Stampings India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of an operational debt amounting to Rs. 1,07,33,947.51/- including interest. The Corporate Debtor opposed the petition, primarily arguing that the principal amount claimed was below the threshold limit specified under Section 4 of the Code.
Alpine Stampings (Operational Creditor) filed a petition against Vikarsh Stampings India Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for electrical slit coils purchased in 2020-21, totaling Rs. 1,07,33,947.51/- including interest. The Operational Creditor issued four purchase orders and supplied goods, issuing tax invoices with a 24% interest clause for overdue payments. Despite reminders, the Corporate Debtor failed to pay. The Corporate Debtor acknowledged the debt in emails and letters, including a balance confirmation dated February 10, 2021, and issued ten undated cheques for an 'old outstanding'. The
…The Petitioner issued Four Purchase orders for…
The Petitioner visited the office of the…