This case involves an application filed by Parag Sales Corporation, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against HVR Projects Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in paying an outstanding operational debt of Rs. 7,84,260/- along with interest at 24% per annum. The operational creditor issued a demand notice under Section 8(1) of the Code, but the corporate debtor failed to make the payment.
Parag Sales Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against HVR Projects Private Limited, the corporate debtor. The operational creditor is a dealer/trader/manufacturer of industrial paints and chemicals. The corporate debtor placed purchase orders for purchasing these items. The operational creditor sold the goods as per the purchase orders, but the corporate debtor failed to pay Rs. 7,84,260/-. Despite repeated requests and a demand notice dated 09.06.2018 under Section 8 of the Code, the corporate debtor did not pay the outstanding amount. The operational creditor submitted various documents, including tax invoices, purchase
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Operational Creditor issued demand notice to…
Demand notice was…
This case involves an application filed by Parag Sales Corporation, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against HVR Projects Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in paying an outstanding operational debt of Rs. 7,84,260/- along with interest at 24% per annum. The operational creditor issued a demand notice under Section 8(1) of the Code, but the corporate debtor failed to make the payment.
Parag Sales Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against HVR Projects Private Limited, the corporate debtor. The operational creditor is a dealer/trader/manufacturer of industrial paints and chemicals. The corporate debtor placed purchase orders for purchasing these items. The operational creditor sold the goods as per the purchase orders, but the corporate debtor failed to pay Rs. 7,84,260/-. Despite repeated requests and a demand notice dated 09.06.2018 under Section 8 of the Code, the corporate debtor did not pay the outstanding amount. The operational creditor submitted various documents, including tax invoices, purchase
…Operational Creditor issued demand notice to…
Demand notice was…