This case involves an application filed by Ramesh Bokadia, the Operational Creditor, under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Orbit Electromech India Pvt Ltd., the Corporate Debtor. The application was filed due to the Corporate Debtor's alleged non-payment of an operational debt totaling Rs. 1,27,97,715/-, which includes interest. The principal amount of the debt is Rs. 1,03,94,983, with an additional Rs. 24,02,534/- in interest as of July 5, 2019.
Ramesh Bokadia, the Operational Creditor, filed a petition under Sections 8 & 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Orbit Electromech India Pvt Ltd., the Corporate Debtor. The petition, originally filed as C.P. (IB)/2814/MB/2019, was restored on January 6, 2025. The total operational debt claimed was Rs. 1,27,97,715/-, inclusive of interest, with the principal amount being Rs. 1,03,94,983 and interest of 18% amounting to Rs. 24,02,534/- as of July 5, 2019.
The Corporate Debtor…
The interest on the…
This case involves an application filed by Ramesh Bokadia, the Operational Creditor, under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Orbit Electromech India Pvt Ltd., the Corporate Debtor. The application was filed due to the Corporate Debtor's alleged non-payment of an operational debt totaling Rs. 1,27,97,715/-, which includes interest. The principal amount of the debt is Rs. 1,03,94,983, with an additional Rs. 24,02,534/- in interest as of July 5, 2019.
Ramesh Bokadia, the Operational Creditor, filed a petition under Sections 8 & 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Orbit Electromech India Pvt Ltd., the Corporate Debtor. The petition, originally filed as C.P. (IB)/2814/MB/2019, was restored on January 6, 2025. The total operational debt claimed was Rs. 1,27,97,715/-, inclusive of interest, with the principal amount being Rs. 1,03,94,983 and interest of 18% amounting to Rs. 24,02,534/- as of July 5, 2019.
The Corporate Debtor…
The interest on the…