The Operational Creditor, Suman Chadha, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Lifestyle Fitness Private Limited, the Corporate Debtor, for unpaid dues related to consultancy and professional services provided in 2016-2017. The Corporate Debtor allegedly issued cheques that were later dishonored and returned by the bank. A statutory demand notice was issued on 2018-12-03, but the Corporate Debtor failed to make the payment or provide a valid dispute notice.
Suman Chadha, the Operational Creditor, provided consultancy and professional services to Lifestyle Fitness Private Limited, the Corporate Debtor, during 2016-2017. The agreed amount for these services was Rs. 35,00,000. The Corporate Debtor issued cheques dated 2017-04-20 and 2017-10-20, but later requested the Operational Creditor not to present them. The Corporate Debtor continued this practice until 2018-08-12. Payments of Rs. 7,00,000 and Rs. 2,00,000 were made. The last cheques issued were dishonored and returned by Canara Bank on 2018-09-27. A notice under Section 138 of the Negotiable Instruments Act was issued. A statutory demand notice was issued on 2018-12-03 for a default amount of Rs. 26,85,907. The Corporate Debtor claimed to have paid Rs. 25,00,000 to
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Operational Creditor provided consultancy and…
Corporate Debtor issued…
The Operational Creditor, Suman Chadha, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Lifestyle Fitness Private Limited, the Corporate Debtor, for unpaid dues related to consultancy and professional services provided in 2016-2017. The Corporate Debtor allegedly issued cheques that were later dishonored and returned by the bank. A statutory demand notice was issued on 2018-12-03, but the Corporate Debtor failed to make the payment or provide a valid dispute notice.
Suman Chadha, the Operational Creditor, provided consultancy and professional services to Lifestyle Fitness Private Limited, the Corporate Debtor, during 2016-2017. The agreed amount for these services was Rs. 35,00,000. The Corporate Debtor issued cheques dated 2017-04-20 and 2017-10-20, but later requested the Operational Creditor not to present them. The Corporate Debtor continued this practice until 2018-08-12. Payments of Rs. 7,00,000 and Rs. 2,00,000 were made. The last cheques issued were dishonored and returned by Canara Bank on 2018-09-27. A notice under Section 138 of the Negotiable Instruments Act was issued. A statutory demand notice was issued on 2018-12-03 for a default amount of Rs. 26,85,907. The Corporate Debtor claimed to have paid Rs. 25,00,000 to
…Operational Creditor provided consultancy and…
Corporate Debtor issued…