Bigbloc Construction Limited filed a Company Petition under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Kruti Infracons Private Limited. The petition alleges that Kruti Infracons defaulted on a payment of Rs. 4,99,916.65, which includes interest calculated at 24% p.a. up to March 29, 2019. The petitioner had sold AAC Blocks to the corporate debtor between July 2016 and February 2018, raising invoices for the same. A demand notice was issued on January 21, 2019, but was returned undelivered due to an insufficient address. Subsequent notices to the directors were also returned, one due to an insufficient address and the other because the validity period had exceeded. The
…Bigbloc Construction Limited (Petitioner) sold AAC Blocks to Kruti Infracons Private Limited (Corporate Debtor) between July 2016 and February 2018. The Corporate Debtor failed to make full payment, resulting in an outstanding balance of Rs. 4,99,916.65, including interest calculated at 24% p.a. up to March 29, 2019. The Petitioner issued a demand notice on January 21, 2019, which was returned undelivered. Subsequent notices to the directors of the Corporate Debtor were also returned. The Petitioner then took out substituted service by publication in two newspapers. The Corporate Debtor did not appear before the court. The Petitioner filed an affidavit stating that no notice of dispute was given by the Corporate Debtor. The relevance of these facts is to demonstrate
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The Petitioner sold AAC…
The Petitioner sold AAC Blocks to the Corporate…
Bigbloc Construction Limited filed a Company Petition under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Kruti Infracons Private Limited. The petition alleges that Kruti Infracons defaulted on a payment of Rs. 4,99,916.65, which includes interest calculated at 24% p.a. up to March 29, 2019. The petitioner had sold AAC Blocks to the corporate debtor between July 2016 and February 2018, raising invoices for the same. A demand notice was issued on January 21, 2019, but was returned undelivered due to an insufficient address. Subsequent notices to the directors were also returned, one due to an insufficient address and the other because the validity period had exceeded. The
…Bigbloc Construction Limited (Petitioner) sold AAC Blocks to Kruti Infracons Private Limited (Corporate Debtor) between July 2016 and February 2018. The Corporate Debtor failed to make full payment, resulting in an outstanding balance of Rs. 4,99,916.65, including interest calculated at 24% p.a. up to March 29, 2019. The Petitioner issued a demand notice on January 21, 2019, which was returned undelivered. Subsequent notices to the directors of the Corporate Debtor were also returned. The Petitioner then took out substituted service by publication in two newspapers. The Corporate Debtor did not appear before the court. The Petitioner filed an affidavit stating that no notice of dispute was given by the Corporate Debtor. The relevance of these facts is to demonstrate
…The Petitioner sold AAC…
The Petitioner sold AAC Blocks to the Corporate…