The application was filed by AP Securitas Pvt. Ltd, the Operational Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against E-Complex Pvt. Ltd, the Corporate Debtor. The Operational Creditor claimed an outstanding debt of Rs. 1,09,89,227, which was due on different dates based on pending invoices. The Corporate Debtor had placed a work order on 15.12.2016 for providing security personnel. Security personnel were provided, and invoices were raised. The supply of labor was made from 01.04.2016 till 21.09.2017 through various work orders, with the contract valid until 31.03.2018. Issues arose regarding the quality and number of personnel provided.
AP Securitas Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against E-Complex Pvt. Ltd. (Corporate Debtor) due to an outstanding debt of Rs. 1,09,89,227. The debt arose from a work order placed by the Corporate Debtor on 15.12.2016 for security personnel. The Operational Creditor provided security personnel from 01.04.2016 to 21.09.2017. The contract was valid until 31.03.2018. Disputes arose regarding the quality and number of personnel provided. The Corporate Debtor acknowledged a sum of Rs. 30 lakhs to be paid by 15.09.2017, but only Rs. 12 lakhs was released, leaving Rs. 18 lakhs outstanding. The Corporate Debtor terminated the services of the Operational Creditor, citing issues
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The Corporate Debtor placed a work order on…
The Operational…
The application was filed by AP Securitas Pvt. Ltd, the Operational Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against E-Complex Pvt. Ltd, the Corporate Debtor. The Operational Creditor claimed an outstanding debt of Rs. 1,09,89,227, which was due on different dates based on pending invoices. The Corporate Debtor had placed a work order on 15.12.2016 for providing security personnel. Security personnel were provided, and invoices were raised. The supply of labor was made from 01.04.2016 till 21.09.2017 through various work orders, with the contract valid until 31.03.2018. Issues arose regarding the quality and number of personnel provided.
AP Securitas Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against E-Complex Pvt. Ltd. (Corporate Debtor) due to an outstanding debt of Rs. 1,09,89,227. The debt arose from a work order placed by the Corporate Debtor on 15.12.2016 for security personnel. The Operational Creditor provided security personnel from 01.04.2016 to 21.09.2017. The contract was valid until 31.03.2018. Disputes arose regarding the quality and number of personnel provided. The Corporate Debtor acknowledged a sum of Rs. 30 lakhs to be paid by 15.09.2017, but only Rs. 12 lakhs was released, leaving Rs. 18 lakhs outstanding. The Corporate Debtor terminated the services of the Operational Creditor, citing issues
…The Corporate Debtor placed a work order on…
The Operational…