The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Ashtbhuj Ocean Movers Pvt Ltd (Operational Creditor) against M/s. Sarash Exports Services Pvt Ltd (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The applicant provided logistic services to the respondent in 2011, and invoices were raised between 29.08.2016 and 10.12.2016. The corporate debtor allegedly defaulted on payments from August 2016, leading to a total outstanding amount of Rs. 13,40,680/-. Two cheques issued by the corporate debtor on 31.01.2017 were dishonored. A demand notice under Section 8 of the IBC was sent on 18.10.2018, but the respondent failed to pay or dispute the
…M/s. Ashtbhuj Ocean Movers Pvt Ltd, the applicant and operational creditor, provided logistic services to M/s. Sarash Exports Services Pvt Ltd, the respondent and corporate debtor, in 2011. Invoices were issued for services rendered between 29.08.2016 and 10.12.2016. The corporate debtor allegedly defaulted on payments starting August 2016, resulting in an outstanding amount of Rs. 13,40,680/-. Two cheques issued by the corporate debtor, both dated 31.01.2017, were dishonored with the remark 'Payment Stopped by the Drawer'. A demand notice was sent to the respondent on 18.10.2018 under Section 8 of the Insolvency and Bankruptcy Code, 2016, seeking payment of Rs. 13,40,680/- plus interest of Rs. 4,49,075/-, calculated at 24% per annum. The respondent failed to pay the
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The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Ashtbhuj Ocean Movers Pvt Ltd (Operational Creditor) against M/s. Sarash Exports Services Pvt Ltd (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The applicant provided logistic services to the respondent in 2011, and invoices were raised between 29.08.2016 and 10.12.2016. The corporate debtor allegedly defaulted on payments from August 2016, leading to a total outstanding amount of Rs. 13,40,680/-. Two cheques issued by the corporate debtor on 31.01.2017 were dishonored. A demand notice under Section 8 of the IBC was sent on 18.10.2018, but the respondent failed to pay or dispute the
…M/s. Ashtbhuj Ocean Movers Pvt Ltd, the applicant and operational creditor, provided logistic services to M/s. Sarash Exports Services Pvt Ltd, the respondent and corporate debtor, in 2011. Invoices were issued for services rendered between 29.08.2016 and 10.12.2016. The corporate debtor allegedly defaulted on payments starting August 2016, resulting in an outstanding amount of Rs. 13,40,680/-. Two cheques issued by the corporate debtor, both dated 31.01.2017, were dishonored with the remark 'Payment Stopped by the Drawer'. A demand notice was sent to the respondent on 18.10.2018 under Section 8 of the Insolvency and Bankruptcy Code, 2016, seeking payment of Rs. 13,40,680/- plus interest of Rs. 4,49,075/-, calculated at 24% per annum. The respondent failed to pay the
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First invoice f…