The case pertains to an application filed by Midas Impex Private Limited (Operational Creditor) against Prince SWR Systems Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) due to non-clearance of professional dues amounting to Rs. 24,65,135. The Corporate Debtor filed a reply raising various contentions and opposing the admission of the company petition.
Midas Impex Private Limited (Operational Creditor) filed a company petition against Prince SWR Systems Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to non-payment of professional dues amounting to Rs. 24,65,135. The Corporate Debtor opposed the admission of the petition. During the proceedings, the Corporate Debtor made a part payment of Rs. 10 lakhs to the Operational Creditor after the filing of the petition. The Corporate Debtor sought adjournments, claiming that the brief was entrusted to the counsel only recently. The court noted that the Corporate Debtor was delaying the process by changing advocates frequently. The part payment of Rs. 10 lakhs by the Corporate Debtor after the
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The Corporate Debtor made a part payment of Rs.…
The Corporate Debtor…
The case pertains to an application filed by Midas Impex Private Limited (Operational Creditor) against Prince SWR Systems Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) due to non-clearance of professional dues amounting to Rs. 24,65,135. The Corporate Debtor filed a reply raising various contentions and opposing the admission of the company petition.
Midas Impex Private Limited (Operational Creditor) filed a company petition against Prince SWR Systems Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to non-payment of professional dues amounting to Rs. 24,65,135. The Corporate Debtor opposed the admission of the petition. During the proceedings, the Corporate Debtor made a part payment of Rs. 10 lakhs to the Operational Creditor after the filing of the petition. The Corporate Debtor sought adjournments, claiming that the brief was entrusted to the counsel only recently. The court noted that the Corporate Debtor was delaying the process by changing advocates frequently. The part payment of Rs. 10 lakhs by the Corporate Debtor after the
…The Corporate Debtor made a part payment of Rs.…
The Corporate Debtor…