Ace Resorts & Infrastructure Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aakash Polyfilms Ltd., the Corporate Debtor, due to an outstanding debt of Rs. 52,66,050/-. The Corporate Debtor had issued work orders for civil work to the Operational Creditor, with payment terms including running account bills and third-party certification. The Corporate Debtor failed to make payments, leading to the application for CIRP.
On 04.03.2016, Aakash Polyfilms Ltd. (Corporate Debtor) issued work orders to Ace Resorts & Infrastructure Pvt. Ltd. (Operational Creditor) for civil work. The terms included submission of running account bills, with 75% payment within 7 days and the balance 25% within 30 days, subject to third-party inspection and certification. The Operational Creditor carried out the work and submitted 10 running bills totaling Rs. 2,81,96,097/-, certified by M/s. S & V Engineers. The Corporate Debtor did not make payments, prompting the Operational Creditor to send emails on 13.10.2017 and 04.12.2017. A demand notice was issued on 18.05.2018 for an outstanding sum of Rs. 52,66,050/- plus interest of Rs. 11,03,244.39. The Corporate Debtor did not reply to the demand notice.
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Ace Resorts & Infrastructure Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aakash Polyfilms Ltd., the Corporate Debtor, due to an outstanding debt of Rs. 52,66,050/-. The Corporate Debtor had issued work orders for civil work to the Operational Creditor, with payment terms including running account bills and third-party certification. The Corporate Debtor failed to make payments, leading to the application for CIRP.
On 04.03.2016, Aakash Polyfilms Ltd. (Corporate Debtor) issued work orders to Ace Resorts & Infrastructure Pvt. Ltd. (Operational Creditor) for civil work. The terms included submission of running account bills, with 75% payment within 7 days and the balance 25% within 30 days, subject to third-party inspection and certification. The Operational Creditor carried out the work and submitted 10 running bills totaling Rs. 2,81,96,097/-, certified by M/s. S & V Engineers. The Corporate Debtor did not make payments, prompting the Operational Creditor to send emails on 13.10.2017 and 04.12.2017. A demand notice was issued on 18.05.2018 for an outstanding sum of Rs. 52,66,050/- plus interest of Rs. 11,03,244.39. The Corporate Debtor did not reply to the demand notice.
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Operational Creditor…