M/s Mahakaleshwar Mines & Metal Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Kamal Sponge Steel & Power Ltd. seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into an agreement for the sale of goods on 01.03.2016, where the Operational Creditor agreed to buy 2600 MT of Sponge Iron from the Corporate Debtor, making an advance payment of Rs. 1,70,00,000/- by 14.06.2016.
An agreement for the sale of goods was entered into on 01.03.2016 between M/s Mahakaleshwar Mines & Metal Pvt. Ltd. (Operational Creditor/Petitioner) and M/s Kamal Sponge Steel & Power Ltd. (Corporate Debtor/Respondent).
The Operational Creditor agreed to purchase 2600 MT of Sponge Iron from the Corporate Debtor.
The Operational Creditor made an advance payment of Rs. 1,70,00,000/- by 14.06.2016, representing 50% of the total sale consideration.
The Corporate Debtor failed to supply the goods as per the agreement.
The Operational Creditor sent various reminders to the Corporate Debtor seeking a refund of the advance payment.
The Corporate Debtor acknowledged the debt in letters dated 02.06.2016, 20.10.2016, 15.11.2017, 02.11.2019, 27.02.2021, and 25.04.2023.
…Sign in to view the parties.
Agreement for sale of…
Operational Creditor…
M/s Mahakaleshwar Mines & Metal Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Kamal Sponge Steel & Power Ltd. seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into an agreement for the sale of goods on 01.03.2016, where the Operational Creditor agreed to buy 2600 MT of Sponge Iron from the Corporate Debtor, making an advance payment of Rs. 1,70,00,000/- by 14.06.2016.
An agreement for the sale of goods was entered into on 01.03.2016 between M/s Mahakaleshwar Mines & Metal Pvt. Ltd. (Operational Creditor/Petitioner) and M/s Kamal Sponge Steel & Power Ltd. (Corporate Debtor/Respondent).
The Operational Creditor agreed to purchase 2600 MT of Sponge Iron from the Corporate Debtor.
The Operational Creditor made an advance payment of Rs. 1,70,00,000/- by 14.06.2016, representing 50% of the total sale consideration.
The Corporate Debtor failed to supply the goods as per the agreement.
The Operational Creditor sent various reminders to the Corporate Debtor seeking a refund of the advance payment.
The Corporate Debtor acknowledged the debt in letters dated 02.06.2016, 20.10.2016, 15.11.2017, 02.11.2019, 27.02.2021, and 25.04.2023.
…Agreement for sale of…
Operational Creditor…