The case involves a petition filed by Namaskar Service Station, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A. B. Infrabuild Limited, the Corporate Debtor, for defaulting on payments. The Operational Creditor claims a total debt of INR 30,40,786, including principal and interest. The Corporate Debtor disputes the claim, alleging mala fide intentions and discrepancies in invoices.
Namaskar Service Station (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A. B. Infrabuild Limited (Corporate Debtor). The Operational Creditor claimed a total debt of Rs. 30,40,786, which included a principal amount of Rs. 21,07,997 and interest of Rs. 9,32,789 at 18% per annum. The debt allegedly arose from the supply of petrol/diesel between 18.02.2017 and 31.07.2019. The Operational Creditor issued a demand notice on 26.06.2019. The Corporate Debtor, in its reply and earlier correspondence dated 28.12.2018, admitted to owing Rs. 4,77,967. The Corporate Debtor contested the petition, alleging that the Operational Creditor was not a legal entity, had
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Corporate Debtor became liable to pay the…
Demand notice sent by the Operational…
The case involves a petition filed by Namaskar Service Station, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A. B. Infrabuild Limited, the Corporate Debtor, for defaulting on payments. The Operational Creditor claims a total debt of INR 30,40,786, including principal and interest. The Corporate Debtor disputes the claim, alleging mala fide intentions and discrepancies in invoices.
Namaskar Service Station (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A. B. Infrabuild Limited (Corporate Debtor). The Operational Creditor claimed a total debt of Rs. 30,40,786, which included a principal amount of Rs. 21,07,997 and interest of Rs. 9,32,789 at 18% per annum. The debt allegedly arose from the supply of petrol/diesel between 18.02.2017 and 31.07.2019. The Operational Creditor issued a demand notice on 26.06.2019. The Corporate Debtor, in its reply and earlier correspondence dated 28.12.2018, admitted to owing Rs. 4,77,967. The Corporate Debtor contested the petition, alleging that the Operational Creditor was not a legal entity, had
…Corporate Debtor became liable to pay the…
Demand notice sent by the Operational…