The case involves an application filed by Harmony Multimedia Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Karington Club and Resort Limited, the corporate debtor. Harmony Multimedia claimed that Karington Club defaulted on payments for advertisements released on its behalf in local newspapers. The applicant issued a demand notice on 18.02.2019, seeking payment of Rs. 20,30,843.75, which included interest. The respondent did not file any reply or represent its case despite the notice.
Harmony Multimedia Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Karington Club and Resort Limited, the corporate debtor. Harmony Multimedia claimed that Karington Club defaulted on payments for advertisements released on its behalf in local newspapers. The applicant issued a demand notice on 18.02.2019, seeking payment of Rs. 20,30,843.75, which included interest of Rs. 3,30,843.75. Karington Club, incorporated on 06.08.2018, with authorized share capital of Rs. 5,00,000/- and paid-up share capital of Rs. 1,00,000/-, failed to clear the outstanding payment. The default occurred from the 10th day of every bill date. Karington Club raised a dispute in a letter dated
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Karington Club and…
Harmony Multimedia issued a demand notice to…
The case involves an application filed by Harmony Multimedia Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Karington Club and Resort Limited, the corporate debtor. Harmony Multimedia claimed that Karington Club defaulted on payments for advertisements released on its behalf in local newspapers. The applicant issued a demand notice on 18.02.2019, seeking payment of Rs. 20,30,843.75, which included interest. The respondent did not file any reply or represent its case despite the notice.
Harmony Multimedia Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Karington Club and Resort Limited, the corporate debtor. Harmony Multimedia claimed that Karington Club defaulted on payments for advertisements released on its behalf in local newspapers. The applicant issued a demand notice on 18.02.2019, seeking payment of Rs. 20,30,843.75, which included interest of Rs. 3,30,843.75. Karington Club, incorporated on 06.08.2018, with authorized share capital of Rs. 5,00,000/- and paid-up share capital of Rs. 1,00,000/-, failed to clear the outstanding payment. The default occurred from the 10th day of every bill date. Karington Club raised a dispute in a letter dated
…Karington Club and…
Harmony Multimedia issued a demand notice to…