The case involves an application 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 filed a company petition against Prince SWR Systems Private Limited 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. Prince SWR Systems Private Limited opposed the admission of the petition. The Corporate Debtor was directed to file Vakalatnama and reply by 17.02.2021. The Corporate Debtor sought further time, claiming the brief was entrusted to the counsel only recently. Midas Impex Private Limited submitted that Prince SWR Systems Private Limited had paid Rs. 10 lakhs through RTGS on 09.12.2019, subsequent to the filing of the company petition. This part payment was considered by the court as an admission of debt. The Corporate
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Prince SWR Systems Private Limited paid Rs.…
The Corporate Debtor…
The case involves an application 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 filed a company petition against Prince SWR Systems Private Limited 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. Prince SWR Systems Private Limited opposed the admission of the petition. The Corporate Debtor was directed to file Vakalatnama and reply by 17.02.2021. The Corporate Debtor sought further time, claiming the brief was entrusted to the counsel only recently. Midas Impex Private Limited submitted that Prince SWR Systems Private Limited had paid Rs. 10 lakhs through RTGS on 09.12.2019, subsequent to the filing of the company petition. This part payment was considered by the court as an admission of debt. The Corporate
…Prince SWR Systems Private Limited paid Rs.…
The Corporate Debtor…