The case involves an application filed by Ahmedabad Strips Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pratiksha Infracon Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to INR 4,54,36,705.00 as of 30.11.2018. The Operational Creditor and Corporate Debtor had business dealings since 2014, with the Operational Creditor supplying C. R. Sheets and Coils. The Corporate Debtor started making irregular payments from June 2016. Despite repeated requests and reminders, the Corporate Debtor failed to clear the outstanding payments, leading to the issuance of
…Ahmedabad Strips Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pratiksha Infracon Private Limited (Corporate Debtor) for defaulting on a payment of INR 4,54,36,705.00 as of 30.11.2018. The Operational Creditor supplied C. R. Sheets and Coils to the Corporate Debtor, with business dealings commencing around 2014. Irregular payments began around June 2016. A demand notice was issued on 10.12.2018, re-issued on 15.01.2019, and delivered on 16.01.2019, but the Corporate Debtor did not respond. The petition was filed in February 2019. The Corporate Debtor sought multiple adjournments to file a reply, but failed to do so. The Operational Creditor did not suggest a name for the Interim Resolution
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The case involves an application filed by Ahmedabad Strips Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pratiksha Infracon Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to INR 4,54,36,705.00 as of 30.11.2018. The Operational Creditor and Corporate Debtor had business dealings since 2014, with the Operational Creditor supplying C. R. Sheets and Coils. The Corporate Debtor started making irregular payments from June 2016. Despite repeated requests and reminders, the Corporate Debtor failed to clear the outstanding payments, leading to the issuance of
…Ahmedabad Strips Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pratiksha Infracon Private Limited (Corporate Debtor) for defaulting on a payment of INR 4,54,36,705.00 as of 30.11.2018. The Operational Creditor supplied C. R. Sheets and Coils to the Corporate Debtor, with business dealings commencing around 2014. Irregular payments began around June 2016. A demand notice was issued on 10.12.2018, re-issued on 15.01.2019, and delivered on 16.01.2019, but the Corporate Debtor did not respond. The petition was filed in February 2019. The Corporate Debtor sought multiple adjournments to file a reply, but failed to do so. The Operational Creditor did not suggest a name for the Interim Resolution
…The Operational…
The Corporate Debtor…