M/s Sunrise Enterprises, an operational creditor, filed a company petition against M/s Karuturi Foods Private Limited, the corporate debtor, for defaulting on a payment of Rs. 8,48,749/- along with interest. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking admission of the petition, declaration of moratorium, direction for public announcement of initiation of corporate insolvency process, and appointment of an Interim Resolution Professional.
M/s Sunrise Enterprises, an operational creditor, provided services to M/s Karuturi Foods Private Limited, the corporate debtor, under an agreement. The value of services provided was Rs. 18,58,640/-. The corporate debtor paid Rs. 10,46,565/- to the operational creditor, leaving an outstanding balance of Rs. 8,48,749/-. The operational creditor issued a statutory notice under Section 8 of the Insolvency and Bankruptcy Code on March 7, 2017, demanding repayment of the outstanding amount. The notice was returned undelivered. The operational creditor then filed a petition under Section 9 of the Code to initiate the corporate insolvency resolution process.
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Operational creditor issued a statutory…
Hearing o…
M/s Sunrise Enterprises, an operational creditor, filed a company petition against M/s Karuturi Foods Private Limited, the corporate debtor, for defaulting on a payment of Rs. 8,48,749/- along with interest. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking admission of the petition, declaration of moratorium, direction for public announcement of initiation of corporate insolvency process, and appointment of an Interim Resolution Professional.
M/s Sunrise Enterprises, an operational creditor, provided services to M/s Karuturi Foods Private Limited, the corporate debtor, under an agreement. The value of services provided was Rs. 18,58,640/-. The corporate debtor paid Rs. 10,46,565/- to the operational creditor, leaving an outstanding balance of Rs. 8,48,749/-. The operational creditor issued a statutory notice under Section 8 of the Insolvency and Bankruptcy Code on March 7, 2017, demanding repayment of the outstanding amount. The notice was returned undelivered. The operational creditor then filed a petition under Section 9 of the Code to initiate the corporate insolvency resolution process.
Operational creditor issued a statutory…
Hearing o…