The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Viki Industries Private Limited (the Petitioner) against MVK Global Enterprises Private Limited (the Respondent), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The Petitioner, a supplier of steel, claimed that the Respondent failed to pay an outstanding amount of Rs. 30,50,049/- despite supplying steel rods as per orders placed from time to time. The Respondent admitted to owing Rs. 30,20,049/- but disputed the Petitioner's claimed amount. The Respondent also requested time to clear the outstanding amount, which the Petitioner acknowledged but subsequently issued a demand notice without
…Viki Industries Private Limited (the Petitioner), a private limited company and supplier of steel, filed a petition against MVK Global Enterprises Private Limited (the Respondent), also a private limited company, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Petitioner claimed that it had supplied steel rods to the Respondent as per orders placed from time to time. Six invoices were issued between April and August 2018, totaling Rs. 32,78,953/-. After adjusting for payments, Rs. 30,50,049/- remained outstanding. The Respondent failed to make the payment despite reminders. The Petitioner issued a demand notice dated 01.07.2019, which was delivered on 08.07.2019, but the Respondent did not respond. In its counter, the Respondent admitted that it owed
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The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Viki Industries Private Limited (the Petitioner) against MVK Global Enterprises Private Limited (the Respondent), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The Petitioner, a supplier of steel, claimed that the Respondent failed to pay an outstanding amount of Rs. 30,50,049/- despite supplying steel rods as per orders placed from time to time. The Respondent admitted to owing Rs. 30,20,049/- but disputed the Petitioner's claimed amount. The Respondent also requested time to clear the outstanding amount, which the Petitioner acknowledged but subsequently issued a demand notice without
…Viki Industries Private Limited (the Petitioner), a private limited company and supplier of steel, filed a petition against MVK Global Enterprises Private Limited (the Respondent), also a private limited company, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Petitioner claimed that it had supplied steel rods to the Respondent as per orders placed from time to time. Six invoices were issued between April and August 2018, totaling Rs. 32,78,953/-. After adjusting for payments, Rs. 30,50,049/- remained outstanding. The Respondent failed to make the payment despite reminders. The Petitioner issued a demand notice dated 01.07.2019, which was delivered on 08.07.2019, but the Respondent did not respond. In its counter, the Respondent admitted that it owed
…Invoices No. 4…
Invoices No. 2…