Affinity Financial Services Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, Kiev Finance Limited, due to a default in payment of Rs. 28,50,000/- as of October 6, 2015. The Corporate Debtor had approached the Operational Creditor for preparing and submitting a Business Flexibility Report, and an agreement was entered into on April 21, 2015. The Operational Creditor submitted the report on September 28, 2015, and raised an invoice on October 6, 2015. The Corporate Debtor acknowledged the invoice but requested more time for payment, which was not honored despite assurances.
Affinity Financial Services Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kiev Finance Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on a payment of Rs. 28,50,000/- due on October 6, 2015. The debt arose from an agreement dated April 21, 2015, where the Operational Creditor was to prepare and submit a Business Flexibility Report for the Corporate Debtor. The Operational Creditor submitted the report on September 28, 2015, and raised an invoice on October 6, 2015, which was acknowledged by the Corporate Debtor. The Corporate Debtor requested additional time to make the payment, but failed to do so despite repeated
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Affinity Financial Services Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, Kiev Finance Limited, due to a default in payment of Rs. 28,50,000/- as of October 6, 2015. The Corporate Debtor had approached the Operational Creditor for preparing and submitting a Business Flexibility Report, and an agreement was entered into on April 21, 2015. The Operational Creditor submitted the report on September 28, 2015, and raised an invoice on October 6, 2015. The Corporate Debtor acknowledged the invoice but requested more time for payment, which was not honored despite assurances.
Affinity Financial Services Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kiev Finance Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on a payment of Rs. 28,50,000/- due on October 6, 2015. The debt arose from an agreement dated April 21, 2015, where the Operational Creditor was to prepare and submit a Business Flexibility Report for the Corporate Debtor. The Operational Creditor submitted the report on September 28, 2015, and raised an invoice on October 6, 2015, which was acknowledged by the Corporate Debtor. The Corporate Debtor requested additional time to make the payment, but failed to do so despite repeated
…An agreement was entered into between the…
The Corporate Debtor accepted the offer made…