Naksh Steel Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Auri Grow India Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition alleged a default in payment of an operational debt totaling Rs. 91,82,07,284/-, which included a principal amount of Rs. 78,01,30,374/- and interest of Rs. 13,80,76,910/-. This debt arose from a Master Supply Agreement dated 16.12.2024 for the supply of industrial and construction goods. The Corporate Debtor acknowledged the principal debt but disputed the interest component, offering a staggered payment plan for the principal.
Naksh Steel Limited (Operational Creditor) filed a Company Petition under Section 9 of the IBC against Auri Grow India Limited (Corporate Debtor).
The petition seeks initiation of CIRP due to default in payment of an operational debt of Rs. 91,82,07,284/-, comprising a principal amount of Rs. 78,01,30,374/- and interest of Rs. 13,80,76,910/-.
The debt arose from a Master Supply Agreement dated 16.12.2024 for the supply of industrial and construction goods/material.
Invoices were raised by the Operational Creditor between 22.01.2025 and 29.01.2025, aggregating a principal sum of Rs. 78,01,30,374/-.
As per the agreement, payment was due immediately upon invoice issuance, with interest at 18% per annum for delays beyond five days.
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The parties entered into a Master Supply…
The Operational…
Naksh Steel Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Auri Grow India Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition alleged a default in payment of an operational debt totaling Rs. 91,82,07,284/-, which included a principal amount of Rs. 78,01,30,374/- and interest of Rs. 13,80,76,910/-. This debt arose from a Master Supply Agreement dated 16.12.2024 for the supply of industrial and construction goods. The Corporate Debtor acknowledged the principal debt but disputed the interest component, offering a staggered payment plan for the principal.
Naksh Steel Limited (Operational Creditor) filed a Company Petition under Section 9 of the IBC against Auri Grow India Limited (Corporate Debtor).
The petition seeks initiation of CIRP due to default in payment of an operational debt of Rs. 91,82,07,284/-, comprising a principal amount of Rs. 78,01,30,374/- and interest of Rs. 13,80,76,910/-.
The debt arose from a Master Supply Agreement dated 16.12.2024 for the supply of industrial and construction goods/material.
Invoices were raised by the Operational Creditor between 22.01.2025 and 29.01.2025, aggregating a principal sum of Rs. 78,01,30,374/-.
As per the agreement, payment was due immediately upon invoice issuance, with interest at 18% per annum for delays beyond five days.
…The parties entered into a Master Supply…
The Operational…