The case involves a joint company petition filed by Thakorbhai Keshav Prajapati and others, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against HeatShrink Technologies Limited. The petitioners allege that the Corporate Debtor defaulted on payments amounting to Rs. 24,39,130/- related to service benefits.
Thakorbhai Keshav Prajapati and two others filed a joint petition to initiate CIRP against HeatShrink Technologies Limited, claiming a default of Rs. 24,39,130/-. The default pertains to unpaid leave encashment and gratuity. The petitioners served demand notices in April 2018, but received no reply. The Corporate Debtor acknowledged the dues but cited financial difficulties and inability to restart business operations. Letters from the Corporate Debtor to each petitioner admitted the liability and requested more time to clear the dues. Thakorbhai Keshav Prajapati's dues amounted to Rs. 14,30,625/-, Kiran Vasu's dues were Rs. 3,88,804/-, and Dilip Mhatre's dues were Rs. 6,19,701/-. The Corporate Debtor's letters, dated December 21, 2017, and May 21, 2018, acknowledged
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The petitioners individually sent demand…
The Corporate Debtor sent a reply to Thakorbhai…
The case involves a joint company petition filed by Thakorbhai Keshav Prajapati and others, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against HeatShrink Technologies Limited. The petitioners allege that the Corporate Debtor defaulted on payments amounting to Rs. 24,39,130/- related to service benefits.
Thakorbhai Keshav Prajapati and two others filed a joint petition to initiate CIRP against HeatShrink Technologies Limited, claiming a default of Rs. 24,39,130/-. The default pertains to unpaid leave encashment and gratuity. The petitioners served demand notices in April 2018, but received no reply. The Corporate Debtor acknowledged the dues but cited financial difficulties and inability to restart business operations. Letters from the Corporate Debtor to each petitioner admitted the liability and requested more time to clear the dues. Thakorbhai Keshav Prajapati's dues amounted to Rs. 14,30,625/-, Kiran Vasu's dues were Rs. 3,88,804/-, and Dilip Mhatre's dues were Rs. 6,19,701/-. The Corporate Debtor's letters, dated December 21, 2017, and May 21, 2018, acknowledged
…The petitioners individually sent demand…
The Corporate Debtor sent a reply to Thakorbhai…