The case involves an application filed by M/s. Sixth Sense Inc, an Operational Creditor, against M/s. Chuo Senko Advertising India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of ₹52,65,006/- along with interest at 24% p.a. for materials supplied and advertising work executed for the Corporate Debtor's clients. The Corporate Debtor allegedly admitted its liability to repay a portion of the amount and failed to reply to a demand notice issued by the Operational Creditor.
M/s. Sixth Sense Inc, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Chuo Senko Advertising India Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to an alleged default of ₹52,65,006/- along with interest at 24% p.a. The Operational Creditor claimed to have supplied materials and executed advertising work for the Corporate Debtor's clients based on purchase orders and work orders. The Corporate Debtor admitted liability for ₹46,47,270/- as per its ledger account and acknowledged the balance payment due via email dated 13.02.2018. Despite this, the Corporate Debtor failed to pay the outstanding amount and did not respond to the demand
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Corporate Debtor acknowledged its liability…
Corporate Debtor admitted the balance payment…
The case involves an application filed by M/s. Sixth Sense Inc, an Operational Creditor, against M/s. Chuo Senko Advertising India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of ₹52,65,006/- along with interest at 24% p.a. for materials supplied and advertising work executed for the Corporate Debtor's clients. The Corporate Debtor allegedly admitted its liability to repay a portion of the amount and failed to reply to a demand notice issued by the Operational Creditor.
M/s. Sixth Sense Inc, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Chuo Senko Advertising India Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to an alleged default of ₹52,65,006/- along with interest at 24% p.a. The Operational Creditor claimed to have supplied materials and executed advertising work for the Corporate Debtor's clients based on purchase orders and work orders. The Corporate Debtor admitted liability for ₹46,47,270/- as per its ledger account and acknowledged the balance payment due via email dated 13.02.2018. Despite this, the Corporate Debtor failed to pay the outstanding amount and did not respond to the demand
…Corporate Debtor acknowledged its liability…
Corporate Debtor admitted the balance payment…