The case involves an application by M/s. Ultimately Infracity Pvt. Ltd., an Operational Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bulland Buildtech Pvt. Ltd., the Corporate Debtor, due to its inability to discharge its debt. The Operational Creditor had been supplying flyash bricks to the Corporate Debtor and raised tax invoices for the same. A previous petition (IB No. 1540(ND)/2018) was withdrawn based on settlement assurances and post-dated cheques, which were later dishonored.
M/s. Ultimately Infracity Pvt. Ltd. (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bulland Buildtech Pvt. Ltd. (Corporate Debtor) due to unpaid debt. The Operational Creditor supplied flyash bricks to the Corporate Debtor and raised tax invoices. The last payment was received in February 2019, leaving an outstanding balance of Rs. 39,83,200. A previous petition (IB No. 1540(ND)/2018) was withdrawn based on settlement assurances and post-dated cheques, which were later dishonored. A demand notice dated 15.05.2019 was sent under section 8 of the Code but received no response. The Corporate Debtor did not appear in court despite being issued a notice.
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The last payment received from the Corporate…
The Operational Creditor had earlier filed a…
The case involves an application by M/s. Ultimately Infracity Pvt. Ltd., an Operational Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bulland Buildtech Pvt. Ltd., the Corporate Debtor, due to its inability to discharge its debt. The Operational Creditor had been supplying flyash bricks to the Corporate Debtor and raised tax invoices for the same. A previous petition (IB No. 1540(ND)/2018) was withdrawn based on settlement assurances and post-dated cheques, which were later dishonored.
M/s. Ultimately Infracity Pvt. Ltd. (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bulland Buildtech Pvt. Ltd. (Corporate Debtor) due to unpaid debt. The Operational Creditor supplied flyash bricks to the Corporate Debtor and raised tax invoices. The last payment was received in February 2019, leaving an outstanding balance of Rs. 39,83,200. A previous petition (IB No. 1540(ND)/2018) was withdrawn based on settlement assurances and post-dated cheques, which were later dishonored. A demand notice dated 15.05.2019 was sent under section 8 of the Code but received no response. The Corporate Debtor did not appear in court despite being issued a notice.
The last payment received from the Corporate…
The Operational Creditor had earlier filed a…