The case pertains to an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into a 'Power Trade Agreement' on 2014-09-15 for power supply. The Corporate Debtor defaulted on payments, leading to the application for CIRP.
The Operational Creditor, Kamachi Industries Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Geetha Sai Energy Solution Private Limited, for an outstanding debt of Rs. 1,77,17,644/-. The Operational Creditor and the Corporate Debtor had entered into a 'Power Trade Agreement' on 2014-09-15 for the supply of power. The Corporate Debtor issued three post-dated cheques, each for Rs. 50,00,000/-, which were dishonored due to 'insufficient funds'. The Operational Creditor filed a complaint before the Metropolitan Magistrate at Egmore, Chennai, and also sent a demand notice under Section 8(1) of the I&B Code, 2016, which was not accepted by the Corporate Debtor. The Operational Creditor served notice
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Operational Creditor and Corporate Debtor…
Corporate Debtor issued three post-dated…
The case pertains to an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into a 'Power Trade Agreement' on 2014-09-15 for power supply. The Corporate Debtor defaulted on payments, leading to the application for CIRP.
The Operational Creditor, Kamachi Industries Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Geetha Sai Energy Solution Private Limited, for an outstanding debt of Rs. 1,77,17,644/-. The Operational Creditor and the Corporate Debtor had entered into a 'Power Trade Agreement' on 2014-09-15 for the supply of power. The Corporate Debtor issued three post-dated cheques, each for Rs. 50,00,000/-, which were dishonored due to 'insufficient funds'. The Operational Creditor filed a complaint before the Metropolitan Magistrate at Egmore, Chennai, and also sent a demand notice under Section 8(1) of the I&B Code, 2016, which was not accepted by the Corporate Debtor. The Operational Creditor served notice
…Operational Creditor and Corporate Debtor…
Corporate Debtor issued three post-dated…