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 to be an expert in software and product development, providing consultancy services to the corporate debtor for website and social media development. An invoice for Rs. 4,50,000 was raised on 25.09.2018, but the corporate debtor failed to make the payment. A notice under Section 8 of the IBC was issued on 04.04.2019, but the corporate debtor neither replied nor raised any dispute regarding the unpaid operational debt.
Sahil Agarwal, an operational creditor, provided consultancy services to Khati Design Private Limited, the corporate debtor, for website and social media development. An invoice for Rs. 4,50,000 was raised on 25.09.2018, with payment due within 15 days. The corporate debtor failed to make the payment. A notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), 2016, was issued on 04.04.2019, demanding payment of Rs. 4,50,000 excluding interest @ 12% p.a. The notice was received by the corporate debtor on 10.04.2019, and also sent via emails dated 21.04.2019 and 22.04.2019. The corporate debtor did not reply to the demand notice or raise any dispute regarding the unpaid operational debt. The corporate debtor admitted to the debt but claimed a lack of liquid
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Applicant raised an…
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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 to be an expert in software and product development, providing consultancy services to the corporate debtor for website and social media development. An invoice for Rs. 4,50,000 was raised on 25.09.2018, but the corporate debtor failed to make the payment. A notice under Section 8 of the IBC was issued on 04.04.2019, but the corporate debtor neither replied nor raised any dispute regarding the unpaid operational debt.
Sahil Agarwal, an operational creditor, provided consultancy services to Khati Design Private Limited, the corporate debtor, for website and social media development. An invoice for Rs. 4,50,000 was raised on 25.09.2018, with payment due within 15 days. The corporate debtor failed to make the payment. A notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), 2016, was issued on 04.04.2019, demanding payment of Rs. 4,50,000 excluding interest @ 12% p.a. The notice was received by the corporate debtor on 10.04.2019, and also sent via emails dated 21.04.2019 and 22.04.2019. The corporate debtor did not reply to the demand notice or raise any dispute regarding the unpaid operational debt. The corporate debtor admitted to the debt but claimed a lack of liquid
…Applicant raised an…
The Corporate…