This judgment concerns an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Vanshita Transport (Operational Creditor), an MSME engaged in transportation, against Montecarlo Limited (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs. 1,47,83,503 (including interest) based on unpaid bills for transportation services from 08.11.2022 to 25.11.2024, with a demand notice issued on 19.12.2024 and the first default date as 23.11.2024. The Corporate Debtor disputed the debt, alleging fraud, conspiracy, inflated rates, and excess distances by the applicant in collusion with a former employee (Mr. Pragneshkumar Manubhai Patel), against whom a police
…Vanshita Transport, a sole proprietor and MSME, filed an application under Section 9 of the IBC, 2016, against Montecarlo Limited (Corporate Debtor) on 23.06.2025.
The application was for initiating CIRP based on an alleged operational debt.
The Applicant is engaged in the business of transportation of cement and carried out work orders for the Respondent (Corporate Debtor).
The applicant relied on two work orders dated 11.07.2022 and 01.04.2024.
Relevant sales invoices are enclosed pertaining to the period from 08.11.2022 to 25.11.2024.
The applicant submitted 20 unpaid bills, with 5 bills amounting to Rs. 473,899 pertaining to the period prior to the work order effective from 1 April 2024.
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This judgment concerns an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Vanshita Transport (Operational Creditor), an MSME engaged in transportation, against Montecarlo Limited (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs. 1,47,83,503 (including interest) based on unpaid bills for transportation services from 08.11.2022 to 25.11.2024, with a demand notice issued on 19.12.2024 and the first default date as 23.11.2024. The Corporate Debtor disputed the debt, alleging fraud, conspiracy, inflated rates, and excess distances by the applicant in collusion with a former employee (Mr. Pragneshkumar Manubhai Patel), against whom a police
…Vanshita Transport, a sole proprietor and MSME, filed an application under Section 9 of the IBC, 2016, against Montecarlo Limited (Corporate Debtor) on 23.06.2025.
The application was for initiating CIRP based on an alleged operational debt.
The Applicant is engaged in the business of transportation of cement and carried out work orders for the Respondent (Corporate Debtor).
The applicant relied on two work orders dated 11.07.2022 and 01.04.2024.
Relevant sales invoices are enclosed pertaining to the period from 08.11.2022 to 25.11.2024.
The applicant submitted 20 unpaid bills, with 5 bills amounting to Rs. 473,899 pertaining to the period prior to the work order effective from 1 April 2024.
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