The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ajay Protech Private Limited.
Adinath Corporation filed an application under Section 9 of the IBC to initiate CIRP against Ajay Protech Private Limited.
Adinath Corporation claimed that Ajay Protech Private Limited defaulted on payments for goods supplied.
The total amount of debt and default claimed was Rs. 1,28,81,109/-.
Ajay Protech Private Limited acknowledged the debt but sought time for payment.
Ajay Protech Private Limited raised objections regarding the amount of interest, pre-existing disputes, and non-compliance with procedural requirements.
The NCLT found that there was a debt and default and that the objections raised by Ajay Protech Private Limited were frivolous.
The NCLT admitted the application and initiated CIRP against Ajay Protech Private Limited.
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The first outstanding…
The applicant issued a…
The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ajay Protech Private Limited.
Adinath Corporation filed an application under Section 9 of the IBC to initiate CIRP against Ajay Protech Private Limited.
Adinath Corporation claimed that Ajay Protech Private Limited defaulted on payments for goods supplied.
The total amount of debt and default claimed was Rs. 1,28,81,109/-.
Ajay Protech Private Limited acknowledged the debt but sought time for payment.
Ajay Protech Private Limited raised objections regarding the amount of interest, pre-existing disputes, and non-compliance with procedural requirements.
The NCLT found that there was a debt and default and that the objections raised by Ajay Protech Private Limited were frivolous.
The NCLT admitted the application and initiated CIRP against Ajay Protech Private Limited.
The first outstanding…
The applicant issued a…