The case involves an application filed by Arun Kumar Singh, an operational creditor, against Genius Exports Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted in paying outstanding dues for services rendered as a statutory auditor. The corporate debtor contested the claim, arguing that the applicant did not complete the accounting for the financial year 2018-2019 and that payments were made by different companies. The Adjudicating Authority examined the application to determine if there was an operational debt exceeding Rs. 1 lakh, if documentary evidence showed the debt was due and
…Arun Kumar Singh, the operational creditor and sole proprietor of A.K. Singh & Co., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Genius Exports Private Limited, the corporate debtor. The operational creditor claimed to be owed Rs. 8,93,530/-, inclusive of interest, for services rendered as a statutory auditor from 30.08.2014 to 26.03.2019, with the principal amount of Rs. 5,59,250/- payable from 01.03.2018. A demand notice was sent on 27.07.2019. The corporate debtor contended that the claim did not fall within the ambit of operational debt, that payments were made by different companies, and that the applicant did not complete the accounting for the financial year 2018-2019. The operational creditor raised bills for
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The case involves an application filed by Arun Kumar Singh, an operational creditor, against Genius Exports Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted in paying outstanding dues for services rendered as a statutory auditor. The corporate debtor contested the claim, arguing that the applicant did not complete the accounting for the financial year 2018-2019 and that payments were made by different companies. The Adjudicating Authority examined the application to determine if there was an operational debt exceeding Rs. 1 lakh, if documentary evidence showed the debt was due and
…Arun Kumar Singh, the operational creditor and sole proprietor of A.K. Singh & Co., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Genius Exports Private Limited, the corporate debtor. The operational creditor claimed to be owed Rs. 8,93,530/-, inclusive of interest, for services rendered as a statutory auditor from 30.08.2014 to 26.03.2019, with the principal amount of Rs. 5,59,250/- payable from 01.03.2018. A demand notice was sent on 27.07.2019. The corporate debtor contended that the claim did not fall within the ambit of operational debt, that payments were made by different companies, and that the applicant did not complete the accounting for the financial year 2018-2019. The operational creditor raised bills for
…The applicant was appointed as a statutory…
The applicant performed…