Sahil Agarwal, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Khati Design Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on a payment of Rs. 4,50,000/- excluding interest for services rendered related to website and social media development. The applicant issued a notice under Section 8 of the IBC, 2016, which the corporate debtor received but did not reply to or dispute. The corporate debtor acknowledged its inability to repay the debt due to a lack of liquid funds.
Sahil Agarwal, an individual and expert in software and product development, provided consultancy services to Khati Design Private Limited, a private limited company, for website and social media development. On 24.10.2018, a representative of Khati Design, Mr. Banwari Lal Kumawat, sought advice from Sahil Agarwal. Sahil Agarwal provided consultancy and raised an invoice dated 25.09.2018 for Rs. 4,50,000/- to be cleared within 15 days. The invoice was not paid. Sahil Agarwal issued a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, on 04.04.2019, demanding payment of Rs. 4,50,000/- excluding interest @ 12% p.a. The notice was received by Khati Design on 10.04.2019 and also sent via email on 21.04.2019 and 22.04.2019. Khati Design did not reply to the
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Sahil Agarwal, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Khati Design Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that the corporate debtor defaulted on a payment of Rs. 4,50,000/- excluding interest for services rendered related to website and social media development. The applicant issued a notice under Section 8 of the IBC, 2016, which the corporate debtor received but did not reply to or dispute. The corporate debtor acknowledged its inability to repay the debt due to a lack of liquid funds.
Sahil Agarwal, an individual and expert in software and product development, provided consultancy services to Khati Design Private Limited, a private limited company, for website and social media development. On 24.10.2018, a representative of Khati Design, Mr. Banwari Lal Kumawat, sought advice from Sahil Agarwal. Sahil Agarwal provided consultancy and raised an invoice dated 25.09.2018 for Rs. 4,50,000/- to be cleared within 15 days. The invoice was not paid. Sahil Agarwal issued a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, on 04.04.2019, demanding payment of Rs. 4,50,000/- excluding interest @ 12% p.a. The notice was received by Khati Design on 10.04.2019 and also sent via email on 21.04.2019 and 22.04.2019. Khati Design did not reply to the
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