The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Spectrum Artcomm Private Limited (Operational Creditor) against New Town Grand Realtors LLP (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 3,55,323/- for printing assignments done for the Corporate Debtor, based on purchase orders. The Operational Creditor raised six invoices in the financial year 2017-18, which remained unpaid. A cheque issued by the Corporate Debtor in May 2018 for Rs. 1 lakh also bounced.
Spectrum Artcomm Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against New Town Grand Realtors LLP (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 3,55,323/- for printing assignments done for the Corporate Debtor based on purchase orders. Six invoices raised in the financial year 2017-18 remained unpaid, and a cheque issued in May 2018 for Rs. 1 lakh bounced. The Operational Creditor provided documentary evidence and demonstrated compliance with Section 8 notice requirements. The relevance of these facts lies in establishing the existence of a debt and default, which are prerequisites for admitting an
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The Operational Creditor raised six invoices in…
A cheque issued by the…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Spectrum Artcomm Private Limited (Operational Creditor) against New Town Grand Realtors LLP (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 3,55,323/- for printing assignments done for the Corporate Debtor, based on purchase orders. The Operational Creditor raised six invoices in the financial year 2017-18, which remained unpaid. A cheque issued by the Corporate Debtor in May 2018 for Rs. 1 lakh also bounced.
Spectrum Artcomm Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against New Town Grand Realtors LLP (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 3,55,323/- for printing assignments done for the Corporate Debtor based on purchase orders. Six invoices raised in the financial year 2017-18 remained unpaid, and a cheque issued in May 2018 for Rs. 1 lakh bounced. The Operational Creditor provided documentary evidence and demonstrated compliance with Section 8 notice requirements. The relevance of these facts lies in establishing the existence of a debt and default, which are prerequisites for admitting an
…The Operational Creditor raised six invoices in…
A cheque issued by the…