Harmony Multimedia Pvt Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karington Club & Resort Limited, the Corporate Debtor, for a debt of Rs. 20,30,843.75, including interest. The Operational Creditor claimed to have released various advertisements for the Corporate Debtor in local dailies. The initial petition was admitted and disposed of, but later, after the failure of the Corporate Debtor to honor post-dated cheques given as an undertaking to clear dues, the Operational Creditor filed for restoration of the petition.
Harmony Multimedia Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Karington Club & Resort Limited (Corporate Debtor) for unpaid dues of Rs. 20,30,843.75, including interest. The debt arose from advertisements released by the Operational Creditor on behalf of the Corporate Debtor. The Corporate Debtor failed to make payments as per the invoices. An initial petition was filed, admitted, and then withdrawn based on the Corporate Debtor's undertaking to clear dues via post-dated cheques. The Corporate Debtor defaulted on these cheques, leading the Operational Creditor to file for restoration of the petition. The Corporate Debtor claimed an understanding to settle the debt partly by cash and
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The Operational…
The initial petition…
Harmony Multimedia Pvt Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karington Club & Resort Limited, the Corporate Debtor, for a debt of Rs. 20,30,843.75, including interest. The Operational Creditor claimed to have released various advertisements for the Corporate Debtor in local dailies. The initial petition was admitted and disposed of, but later, after the failure of the Corporate Debtor to honor post-dated cheques given as an undertaking to clear dues, the Operational Creditor filed for restoration of the petition.
Harmony Multimedia Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Karington Club & Resort Limited (Corporate Debtor) for unpaid dues of Rs. 20,30,843.75, including interest. The debt arose from advertisements released by the Operational Creditor on behalf of the Corporate Debtor. The Corporate Debtor failed to make payments as per the invoices. An initial petition was filed, admitted, and then withdrawn based on the Corporate Debtor's undertaking to clear dues via post-dated cheques. The Corporate Debtor defaulted on these cheques, leading the Operational Creditor to file for restoration of the petition. The Corporate Debtor claimed an understanding to settle the debt partly by cash and
…The Operational…
The initial petition…