The case involves an application filed by TVS Automobile Solutions Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. KPN Travels India Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 5,27,16,818/-. The Corporate Debtor contested the application, raising issues such as the validity of the demand notice, the existence of a pre-existing dispute, and the applicability of the threshold limit.
TVS Automobile Solutions Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. KPN Travels India Limited (Corporate Debtor) due to an unpaid operational debt of Rs. 5,27,16,818/-. The Operational Creditor supplied automobile parts to the Corporate Debtor, who maintained a running account. The date of default was mentioned as 31.01.2016. The Operational Creditor issued a demand notice on 24.02.2020, which was delivered to the Corporate Debtor on 27.02.2020. The Corporate Debtor failed to reply or pay the outstanding amount. The Corporate Debtor argued that the demand notice was defective, that there was no proper service,
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Memorandum of…
Deed of Nov…
The case involves an application filed by TVS Automobile Solutions Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. KPN Travels India Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 5,27,16,818/-. The Corporate Debtor contested the application, raising issues such as the validity of the demand notice, the existence of a pre-existing dispute, and the applicability of the threshold limit.
TVS Automobile Solutions Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. KPN Travels India Limited (Corporate Debtor) due to an unpaid operational debt of Rs. 5,27,16,818/-. The Operational Creditor supplied automobile parts to the Corporate Debtor, who maintained a running account. The date of default was mentioned as 31.01.2016. The Operational Creditor issued a demand notice on 24.02.2020, which was delivered to the Corporate Debtor on 27.02.2020. The Corporate Debtor failed to reply or pay the outstanding amount. The Corporate Debtor argued that the demand notice was defective, that there was no proper service,
…Memorandum of…
Deed of Nov…