Hirfal Interior, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Salasar Enterprises Private Limited, the corporate debtor. The petition was filed due to the corporate debtor's failure to pay a sum of ₹29,83,876.00, which was the principal amount outstanding as of 13.06.2014, the stated date of default. The operational creditor provided civil and interior work for a project named 'Lubrizon' and raised an invoice on 25.03.2013 for ₹45,74,059. After part payments, the outstanding amount remained.
Hirfal Interior, a partnership firm, provided civil and interior work to Salasar Enterprises Private Limited for a project named 'Lubrizon'. An invoice was raised on 25.03.2013 for ₹45,74,059. After part payments, ₹29,83,876 remained outstanding as of 13.06.2014, which is considered the date of default. The corporate debtor confirmed the outstanding balance in confirmations of balances as at 31.03.2014, 31.03.2015, 31.03.2016, 31.03.2017 and 31.03.2018. Hirfal Interior served a demand notice on 01.03.2019, to which Salasar Enterprises did not reply. Salasar Enterprises admitted the liability in its reply dated 18.11.2019, but stated it was unable to repay the debt due to not carrying on any business. The single invoice was placed on record, and it did not provide for
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Hirfal Interior raised…
The date of default is…
Hirfal Interior, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Salasar Enterprises Private Limited, the corporate debtor. The petition was filed due to the corporate debtor's failure to pay a sum of ₹29,83,876.00, which was the principal amount outstanding as of 13.06.2014, the stated date of default. The operational creditor provided civil and interior work for a project named 'Lubrizon' and raised an invoice on 25.03.2013 for ₹45,74,059. After part payments, the outstanding amount remained.
Hirfal Interior, a partnership firm, provided civil and interior work to Salasar Enterprises Private Limited for a project named 'Lubrizon'. An invoice was raised on 25.03.2013 for ₹45,74,059. After part payments, ₹29,83,876 remained outstanding as of 13.06.2014, which is considered the date of default. The corporate debtor confirmed the outstanding balance in confirmations of balances as at 31.03.2014, 31.03.2015, 31.03.2016, 31.03.2017 and 31.03.2018. Hirfal Interior served a demand notice on 01.03.2019, to which Salasar Enterprises did not reply. Salasar Enterprises admitted the liability in its reply dated 18.11.2019, but stated it was unable to repay the debt due to not carrying on any business. The single invoice was placed on record, and it did not provide for
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The date of default is…