The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Shree Sai Industries Private Limited, an operational creditor, against M/s. Dharam Paul Metal Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for steel and allied materials supplied on request. Despite repeated requests and a demand notice issued under Section 8 of the Code, the debtor failed to make the payment, leading to the filing of the petition for the commencement of the Corporate Insolvency Resolution Process (CIRP).
M/s. Shree Sai Industries Private Limited (Operational Creditor) supplied steel and allied materials to M/s. Dharam Paul Metal Private Limited (Corporate Debtor) on request. An invoice dated 2014-10-20 was raised for ₹17,83,771/-, but the debtor did not make the payment. The total amount in default was ₹28,68,695/-, including principal and interest. The operational creditor issued a demand notice under Section 8 of the Insolvency and Bankruptcy Code on 2017-10-27, which was received by the debtor on 2017-11-03. The debtor did not reply to the notice or pay the outstanding amount. The debtor issued a Form C (Declaration of Central Sales Tax) for the same amount claimed by the operational creditor. The operational creditor filed a petition under Section 9 of the Code for
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Operational Creditor…
Operational Creditor…
The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Shree Sai Industries Private Limited, an operational creditor, against M/s. Dharam Paul Metal Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for steel and allied materials supplied on request. Despite repeated requests and a demand notice issued under Section 8 of the Code, the debtor failed to make the payment, leading to the filing of the petition for the commencement of the Corporate Insolvency Resolution Process (CIRP).
M/s. Shree Sai Industries Private Limited (Operational Creditor) supplied steel and allied materials to M/s. Dharam Paul Metal Private Limited (Corporate Debtor) on request. An invoice dated 2014-10-20 was raised for ₹17,83,771/-, but the debtor did not make the payment. The total amount in default was ₹28,68,695/-, including principal and interest. The operational creditor issued a demand notice under Section 8 of the Insolvency and Bankruptcy Code on 2017-10-27, which was received by the debtor on 2017-11-03. The debtor did not reply to the notice or pay the outstanding amount. The debtor issued a Form C (Declaration of Central Sales Tax) for the same amount claimed by the operational creditor. The operational creditor filed a petition under Section 9 of the Code for
…Operational Creditor…
Operational Creditor…