The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Khard Enterprises, an operational creditor, against Ramnath Developers Pvt. Ltd, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for facility management services provided at Ramnath City, Mouza Bokhara koradi Rd. Nagpur-441111, based on an agreement dated 28.01.2018. The operational creditor raised invoices for the financial year 2018-2019 amounting to Rs. 12,24,000, which remained unpaid. A demand notice was issued on 05.08.2019, demanding Rs. 13,40,397, but no payment or reply was received from the corporate debtor.
Khard Enterprises (operational creditor) provided facility management services to Ramnath Developers Pvt. Ltd (corporate debtor) based on an agreement dated 28.01.2018. Khard Enterprises raised invoices for Rs. 12,24,000 for the financial year 2018-2019. Ramnath Developers failed to make payments, leading to a default. Khard Enterprises issued a demand notice on 05.08.2019, demanding Rs. 13,40,397, which was received by Ramnath Developers. Ramnath Developers neither replied to the notice nor made any payment. Ramnath Developers admitted the liability but claimed inability to pay due to financial crunch. The amount in default exceeded Rs One Lakh, the threshold for initiating CIRP. The operational creditor filed a petition under Section 9 of the Insolvency and
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Execution of agreement for facility…
Khard Enterprises issued a demand notice to…
The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Khard Enterprises, an operational creditor, against Ramnath Developers Pvt. Ltd, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for facility management services provided at Ramnath City, Mouza Bokhara koradi Rd. Nagpur-441111, based on an agreement dated 28.01.2018. The operational creditor raised invoices for the financial year 2018-2019 amounting to Rs. 12,24,000, which remained unpaid. A demand notice was issued on 05.08.2019, demanding Rs. 13,40,397, but no payment or reply was received from the corporate debtor.
Khard Enterprises (operational creditor) provided facility management services to Ramnath Developers Pvt. Ltd (corporate debtor) based on an agreement dated 28.01.2018. Khard Enterprises raised invoices for Rs. 12,24,000 for the financial year 2018-2019. Ramnath Developers failed to make payments, leading to a default. Khard Enterprises issued a demand notice on 05.08.2019, demanding Rs. 13,40,397, which was received by Ramnath Developers. Ramnath Developers neither replied to the notice nor made any payment. Ramnath Developers admitted the liability but claimed inability to pay due to financial crunch. The amount in default exceeded Rs One Lakh, the threshold for initiating CIRP. The operational creditor filed a petition under Section 9 of the Insolvency and
…Execution of agreement for facility…
Khard Enterprises issued a demand notice to…