The case involves an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of The Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by Modtech Tradecom Private Limited (Operational Creditor) against Basu & Co Road Contractors Private Limited (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted in payment of outstanding debt for the supply of stone chips and sand.
Modtech Tradecom Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Basu & Co Road Contractors Private Limited, the corporate debtor. The operational creditor supplied stone chips and sand to the corporate debtor. The corporate debtor made partial payments but failed to pay the full outstanding amount. The outstanding amount claimed by the operational creditor was Rs.74,76,224/-, which included interest. The principal sum was Rs.51,48,848/-. The corporate debtor admitted the debt and submitted that the application filed by the operational creditor could be admitted. The application was filed before the National Company Law
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The case involves an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of The Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by Modtech Tradecom Private Limited (Operational Creditor) against Basu & Co Road Contractors Private Limited (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted in payment of outstanding debt for the supply of stone chips and sand.
Modtech Tradecom Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Basu & Co Road Contractors Private Limited, the corporate debtor. The operational creditor supplied stone chips and sand to the corporate debtor. The corporate debtor made partial payments but failed to pay the full outstanding amount. The outstanding amount claimed by the operational creditor was Rs.74,76,224/-, which included interest. The principal sum was Rs.51,48,848/-. The corporate debtor admitted the debt and submitted that the application filed by the operational creditor could be admitted. The application was filed before the National Company Law
…Hearing held regarding…
Order pronounced…