The case originates from a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Rajesh Vaishnav, an Operational Creditor, against Mining and Construction Equipment Private Limited, the Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid dues for consultancy services rendered for restructuring and reviving the corporate debtor's business.
Rajesh Vaishnav, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mining and Construction Equipment Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on April 20, 2001. The Operational Creditor claimed that the Corporate Debtor failed to pay Rs. 4,00,000/- as principal amount with 15% interest per annum as per invoice dated December 15, 2018, which was the date of default. The Operational Creditor had rendered consultancy services for restructuring and reviving the Corporate Debtor's business, as per an agreement dated September 15, 2018. An invoice dated December 8, 2018, stipulated that payment should be made within seven days, failing which interest would be charged at fifteen
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Mining and Construction Equipment Private…
Agreement between the Operational Creditor and…
The case originates from a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Rajesh Vaishnav, an Operational Creditor, against Mining and Construction Equipment Private Limited, the Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid dues for consultancy services rendered for restructuring and reviving the corporate debtor's business.
Rajesh Vaishnav, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mining and Construction Equipment Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on April 20, 2001. The Operational Creditor claimed that the Corporate Debtor failed to pay Rs. 4,00,000/- as principal amount with 15% interest per annum as per invoice dated December 15, 2018, which was the date of default. The Operational Creditor had rendered consultancy services for restructuring and reviving the Corporate Debtor's business, as per an agreement dated September 15, 2018. An invoice dated December 8, 2018, stipulated that payment should be made within seven days, failing which interest would be charged at fifteen
…Mining and Construction Equipment Private…
Agreement between the Operational Creditor and…