The petition was filed to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to liquidate outstanding dues. The Operational Creditor, a logistics provider, transported consignments for the Corporate Debtor at its request. The Corporate Debtor defaulted on payments for freight charges, despite repeated requests and reminders.
Om Logistic Ltd., the Operational Creditor, filed a petition against NTL Electronics India Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Om Logistic provided logistics services to NTL Electronics, transporting consignments to various destinations. NTL Electronics defaulted on payments for freight charges amounting to Rs. 1,73,882.49. Om Logistic issued a demand notice dated 2019-01-02 under Section 8 of the Code, which was replied to by NTL Electronics. NTL Electronics admitted the outstanding debt but expressed its inability to pay. The key fact is the admission of debt by the Corporate Debtor and the absence of any prior dispute regarding the debt.
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A demand notice was issued by the Operational…
The order was delivered, admitting the petition…
The petition was filed to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to liquidate outstanding dues. The Operational Creditor, a logistics provider, transported consignments for the Corporate Debtor at its request. The Corporate Debtor defaulted on payments for freight charges, despite repeated requests and reminders.
Om Logistic Ltd., the Operational Creditor, filed a petition against NTL Electronics India Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Om Logistic provided logistics services to NTL Electronics, transporting consignments to various destinations. NTL Electronics defaulted on payments for freight charges amounting to Rs. 1,73,882.49. Om Logistic issued a demand notice dated 2019-01-02 under Section 8 of the Code, which was replied to by NTL Electronics. NTL Electronics admitted the outstanding debt but expressed its inability to pay. The key fact is the admission of debt by the Corporate Debtor and the absence of any prior dispute regarding the debt.
A demand notice was issued by the Operational…
The order was delivered, admitting the petition…