The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by TCI Express Ltd, an operational creditor, against Praspack Industries Pvt Ltd, the corporate debtor, due to unpaid operational debt. TCI Express provided logistic services to Praspack Industries, and invoices were raised and accepted. Despite this, an amount of Rs. 5,69,185/- along with interest at 24% per annum remained unpaid. The operational creditor issued a demand notice, but no reply was received from the corporate debtor.
TCI Express Ltd, an operational creditor engaged in logistics, filed an application against Praspack Industries Pvt Ltd, a private limited company involved in manufacturing fabrics, under Section 9 of the Insolvency and Bankruptcy Code, 2016. TCI Express provided transportation services to Praspack Industries, raising invoices that were accepted. An amount of Rs. 5,69,185/- plus 24% interest remained unpaid for services provided between 10.08.2018 and 09.06.2018. TCI Express issued a demand notice on 10.09.2018, but received no response. Praspack Industries raised objections, claiming no time-bound payment condition and unresolved issues regarding damaged goods. The NCLT observed that the application was complete, the debt existed, and no dispute was raised by the
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Start date of the period during which logistic…
TCI Express Ltd issued a demand notice to…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by TCI Express Ltd, an operational creditor, against Praspack Industries Pvt Ltd, the corporate debtor, due to unpaid operational debt. TCI Express provided logistic services to Praspack Industries, and invoices were raised and accepted. Despite this, an amount of Rs. 5,69,185/- along with interest at 24% per annum remained unpaid. The operational creditor issued a demand notice, but no reply was received from the corporate debtor.
TCI Express Ltd, an operational creditor engaged in logistics, filed an application against Praspack Industries Pvt Ltd, a private limited company involved in manufacturing fabrics, under Section 9 of the Insolvency and Bankruptcy Code, 2016. TCI Express provided transportation services to Praspack Industries, raising invoices that were accepted. An amount of Rs. 5,69,185/- plus 24% interest remained unpaid for services provided between 10.08.2018 and 09.06.2018. TCI Express issued a demand notice on 10.09.2018, but received no response. Praspack Industries raised objections, claiming no time-bound payment condition and unresolved issues regarding damaged goods. The NCLT observed that the application was complete, the debt existed, and no dispute was raised by the
…Start date of the period during which logistic…
TCI Express Ltd issued a demand notice to…