The case involves a Company Petition filed by Global Advertisers (Operational Creditor) under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sai Estate Consultants Chembur Pvt. Ltd. (Corporate Debtor). The Operational Creditor claims that the Corporate Debtor failed to make an outstanding payment of Rs.1,98,47,220/- along with interest. The Operational Creditor provided hoarding advertisement services to the Corporate Debtor based on an oral agreement. The Corporate Debtor disputes the claim, alleging a pre-existing dispute regarding the quality and quantum of services and the need for reconciliation of accounts.
Global Advertisers (Operational Creditor) filed a company petition against Sai Estate Consultants Chembur Pvt. Ltd. (Corporate Debtor) under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding payment of Rs.1,98,47,220/- plus interest. The Operational Creditor provided hoarding advertisement services to the Corporate Debtor based on an oral agreement. 30 invoices were raised from 2017-03-10 to 2019-06-29, totaling Rs.4,74,55,683/-, with part payments of Rs.2,72,02,520/- made. The Corporate Debtor issued 20 post-dated cheques of Rs.5,00,000/- each, out of which 10 were honored, 2 were dishonored, and 8 were returned. The Corporate Debtor claimed a pre-existing dispute, stating payments were to be made on a 'payable when able' basis and
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The Operational…
The Operational…
The case involves a Company Petition filed by Global Advertisers (Operational Creditor) under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sai Estate Consultants Chembur Pvt. Ltd. (Corporate Debtor). The Operational Creditor claims that the Corporate Debtor failed to make an outstanding payment of Rs.1,98,47,220/- along with interest. The Operational Creditor provided hoarding advertisement services to the Corporate Debtor based on an oral agreement. The Corporate Debtor disputes the claim, alleging a pre-existing dispute regarding the quality and quantum of services and the need for reconciliation of accounts.
Global Advertisers (Operational Creditor) filed a company petition against Sai Estate Consultants Chembur Pvt. Ltd. (Corporate Debtor) under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding payment of Rs.1,98,47,220/- plus interest. The Operational Creditor provided hoarding advertisement services to the Corporate Debtor based on an oral agreement. 30 invoices were raised from 2017-03-10 to 2019-06-29, totaling Rs.4,74,55,683/-, with part payments of Rs.2,72,02,520/- made. The Corporate Debtor issued 20 post-dated cheques of Rs.5,00,000/- each, out of which 10 were honored, 2 were dishonored, and 8 were returned. The Corporate Debtor claimed a pre-existing dispute, stating payments were to be made on a 'payable when able' basis and
…The Operational…
The Operational…