The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Sonal Anand (the applicant/operational creditor) against M/S International Trenching Pvt. Ltd (the respondent/corporate debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on payments for services rendered as per an agreement dated 03.04.2017. The respondent contends that the services were not actually provided and that no payments are currently owed.
Mr. Sonal Anand, the applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S International Trenching Pvt. Ltd, the corporate debtor. The applicant claimed that the corporate debtor had defaulted on payments for services rendered under an agreement dated 03.04.2017. The agreement stipulated that the corporate debtor would avail services for 18 months, w.e.f. 01.04.2017, at a fee of Rs. 2,00,000 per month, totaling Rs. 36,00,000. The applicant issued a demand notice dated 29.01.2019, demanding Rs. 33,00,000, the outstanding amount after a part payment of Rs. 3,00,000. The corporate debtor acknowledged the amount of Rs. 36,00,000 via a letter dated 11.10.2018. The respondent filed a reply on 09.07.2019, contending that the
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An agreement was executed between the Corporate…
The agreement was effective from 01.04.2017…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Sonal Anand (the applicant/operational creditor) against M/S International Trenching Pvt. Ltd (the respondent/corporate debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on payments for services rendered as per an agreement dated 03.04.2017. The respondent contends that the services were not actually provided and that no payments are currently owed.
Mr. Sonal Anand, the applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S International Trenching Pvt. Ltd, the corporate debtor. The applicant claimed that the corporate debtor had defaulted on payments for services rendered under an agreement dated 03.04.2017. The agreement stipulated that the corporate debtor would avail services for 18 months, w.e.f. 01.04.2017, at a fee of Rs. 2,00,000 per month, totaling Rs. 36,00,000. The applicant issued a demand notice dated 29.01.2019, demanding Rs. 33,00,000, the outstanding amount after a part payment of Rs. 3,00,000. The corporate debtor acknowledged the amount of Rs. 36,00,000 via a letter dated 11.10.2018. The respondent filed a reply on 09.07.2019, contending that the
…An agreement was executed between the Corporate…
The agreement was effective from 01.04.2017…