The case pertains to an application filed by Mayank Arora & Co., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Pacific Shares and Stock Broker Limited, the corporate debtor. The operational creditor claimed that the corporate debtor had defaulted on payments for professional services rendered between August 3, 2015, and March 31, 2019, totaling Rs. 16,61,583. A demand notice was issued on June 4, 2019, under Section 8 of the IBC, but the corporate debtor failed to make the payment.
Mayank Arora & Co. (Operational Creditor) filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pacific Shares and Stock Broker Limited (Corporate Debtor). The Operational Creditor claimed that it provided professional services to the Corporate Debtor from August 3, 2015, to March 31, 2019, raising invoices for a total of Rs. 16,61,583. A demand notice was issued on June 4, 2019, under Section 8 of the IBC, but the Corporate Debtor failed to pay the amount. The Corporate Debtor filed an affidavit with routine denials but also requested an amicable settlement due to its poor financial position. During final arguments on July 28, 2021, the Corporate Debtor's counsel conceded that the Corporate Debtor was unable to pay the
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Operational Creditor…
Operational Creditor…
The case pertains to an application filed by Mayank Arora & Co., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Pacific Shares and Stock Broker Limited, the corporate debtor. The operational creditor claimed that the corporate debtor had defaulted on payments for professional services rendered between August 3, 2015, and March 31, 2019, totaling Rs. 16,61,583. A demand notice was issued on June 4, 2019, under Section 8 of the IBC, but the corporate debtor failed to make the payment.
Mayank Arora & Co. (Operational Creditor) filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pacific Shares and Stock Broker Limited (Corporate Debtor). The Operational Creditor claimed that it provided professional services to the Corporate Debtor from August 3, 2015, to March 31, 2019, raising invoices for a total of Rs. 16,61,583. A demand notice was issued on June 4, 2019, under Section 8 of the IBC, but the Corporate Debtor failed to pay the amount. The Corporate Debtor filed an affidavit with routine denials but also requested an amicable settlement due to its poor financial position. During final arguments on July 28, 2021, the Corporate Debtor's counsel conceded that the Corporate Debtor was unable to pay the
…Operational Creditor…
Operational Creditor…