Burda Druck India Private Limited, the Operational Creditor, filed an application to initiate corporate insolvency resolution process against Dynamic Textbooks Printers Private Limited, the Corporate Debtor, due to non-payment of outstanding dues amounting to INR 6,67,0,420.10/-, which fell due on November 7, 2017. The Operational Creditor issued a demand notice on December 18, 2018, which was delivered to the Corporate Debtor's registered address and sent via email, but received no reply. The Corporate Debtor also made no payment after receiving the demand notice, with the last part-payment made on January 18, 2017.
Burda Druck India Private Limited (Operational Creditor) filed an application against Dynamic Textbooks Printers Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid dues of INR 6,67,0,420.10, which were due on November 7, 2017. The Operational Creditor issued a demand notice on December 18, 2018, but received no response or payment. The Corporate Debtor argued that the petition was not maintainable, filed with ulterior motives, and aimed to bypass civil remedies. The Corporate Debtor claimed non-compliance with Section 9(3)(c) of the IBC, alleging that the Operational Creditor failed to provide a certificate from its financial institution confirming no payment of debt. The Corporate Debtor also alleged that
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Burda Druck India Private Limited, the Operational Creditor, filed an application to initiate corporate insolvency resolution process against Dynamic Textbooks Printers Private Limited, the Corporate Debtor, due to non-payment of outstanding dues amounting to INR 6,67,0,420.10/-, which fell due on November 7, 2017. The Operational Creditor issued a demand notice on December 18, 2018, which was delivered to the Corporate Debtor's registered address and sent via email, but received no reply. The Corporate Debtor also made no payment after receiving the demand notice, with the last part-payment made on January 18, 2017.
Burda Druck India Private Limited (Operational Creditor) filed an application against Dynamic Textbooks Printers Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid dues of INR 6,67,0,420.10, which were due on November 7, 2017. The Operational Creditor issued a demand notice on December 18, 2018, but received no response or payment. The Corporate Debtor argued that the petition was not maintainable, filed with ulterior motives, and aimed to bypass civil remedies. The Corporate Debtor claimed non-compliance with Section 9(3)(c) of the IBC, alleging that the Operational Creditor failed to provide a certificate from its financial institution confirming no payment of debt. The Corporate Debtor also alleged that
…Outstanding due…
Operational Creditor…