The case involves a petition filed by Mamtha Steels Corporation, the Operational Creditor, against Yosmite Engineering Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed outstanding dues of Rs. 57,16,918.10. Initially, the Tribunal dismissed the petition, citing a plausible dispute between the parties requiring further investigation. However, the NCLAT overturned this decision, directing the Adjudicating Authority to admit the petition and appoint an Interim Resolution Professional (IRP).
Mamtha Steels Corporation, represented by its Proprietor Mr. Vasanram, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Yosmite Engineering Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed outstanding dues of Rs. 57,16,918.10, comprising a principal debt of Rs. 54,70,735 and interest of Rs. 2,46,183.10. The Operational Creditor is a Sole Proprietorship Firm, while the Corporate Debtor is a Private Limited Company. The Operational Creditor served a demand notice dated 05.12.2018. The Tribunal initially dismissed the petition on 27.07.2023, citing a plausible dispute between the parties. The Operational Creditor appealed to the NCLAT, which overturned the
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Demand Notice sent as per Form – III & IV…
Demand Notice…
The case involves a petition filed by Mamtha Steels Corporation, the Operational Creditor, against Yosmite Engineering Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed outstanding dues of Rs. 57,16,918.10. Initially, the Tribunal dismissed the petition, citing a plausible dispute between the parties requiring further investigation. However, the NCLAT overturned this decision, directing the Adjudicating Authority to admit the petition and appoint an Interim Resolution Professional (IRP).
Mamtha Steels Corporation, represented by its Proprietor Mr. Vasanram, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Yosmite Engineering Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed outstanding dues of Rs. 57,16,918.10, comprising a principal debt of Rs. 54,70,735 and interest of Rs. 2,46,183.10. The Operational Creditor is a Sole Proprietorship Firm, while the Corporate Debtor is a Private Limited Company. The Operational Creditor served a demand notice dated 05.12.2018. The Tribunal initially dismissed the petition on 27.07.2023, citing a plausible dispute between the parties. The Operational Creditor appealed to the NCLAT, which overturned the
…Demand Notice sent as per Form – III & IV…
Demand Notice…