The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed by Sailesh Goenka, the Operational Creditor, against M/s Doviaz Retail Limited, the Corporate Debtor, due to a default in paying an operational debt of Rs. 2,00,000/- towards professional charges.
Sailesh Goenka, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Doviaz Retail Limited, the Corporate Debtor. The Corporate Debtor defaulted on an operational debt of Rs. 2,00,000/- payable towards professional charges. The Operational Creditor sent multiple letters demanding payment, followed by a notice of demand under Section 8 of the IBC on 2019-01-29. The Corporate Debtor received the notice but did not pay the amount or point out any pre-existing dispute. The Corporate Debtor admitted the debt but claimed inability to pay due to poor financial condition. The Operational Creditor produced invoices to show the existence of the debt. The
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Operational Creditor sent the Corporate Debtor a…
Date of pronouncement…
The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed by Sailesh Goenka, the Operational Creditor, against M/s Doviaz Retail Limited, the Corporate Debtor, due to a default in paying an operational debt of Rs. 2,00,000/- towards professional charges.
Sailesh Goenka, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Doviaz Retail Limited, the Corporate Debtor. The Corporate Debtor defaulted on an operational debt of Rs. 2,00,000/- payable towards professional charges. The Operational Creditor sent multiple letters demanding payment, followed by a notice of demand under Section 8 of the IBC on 2019-01-29. The Corporate Debtor received the notice but did not pay the amount or point out any pre-existing dispute. The Corporate Debtor admitted the debt but claimed inability to pay due to poor financial condition. The Operational Creditor produced invoices to show the existence of the debt. The
…Operational Creditor sent the Corporate Debtor a…
Date of pronouncement…