The case involves an application filed by Nandalal Khandelwal, an Operational Creditor, against Ruchika Tradelink Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for professional services rendered. The Corporate Debtor acknowledged the debt but cited a weak financial position and market conditions as reasons for non-payment. The Operational Creditor submitted invoices and a demand notice to support the claim. The Corporate Debtor appeared through counsel and filed a reply affidavit admitting to the debt but stating inability to pay due to financial difficulties.
Nandalal Khandelwal, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ruchika Tradelink Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 1,97,000/- for professional services rendered. The Operational Creditor provided invoices dated between March 2017 and January 2019 and a demand notice dated March 10, 2019, which was received by the Corporate Debtor on March 11, 2019. The Corporate Debtor admitted to the debt in its reply affidavit but stated its inability to pay due to a weak financial position and market conditions. The Corporate Debtor acknowledged
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The case involves an application filed by Nandalal Khandelwal, an Operational Creditor, against Ruchika Tradelink Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for professional services rendered. The Corporate Debtor acknowledged the debt but cited a weak financial position and market conditions as reasons for non-payment. The Operational Creditor submitted invoices and a demand notice to support the claim. The Corporate Debtor appeared through counsel and filed a reply affidavit admitting to the debt but stating inability to pay due to financial difficulties.
Nandalal Khandelwal, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ruchika Tradelink Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 1,97,000/- for professional services rendered. The Operational Creditor provided invoices dated between March 2017 and January 2019 and a demand notice dated March 10, 2019, which was received by the Corporate Debtor on March 11, 2019. The Corporate Debtor admitted to the debt in its reply affidavit but stated its inability to pay due to a weak financial position and market conditions. The Corporate Debtor acknowledged
…Letter sent to the…
Letter sent to the…