Superior Fire & Security Services Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sarda Mines Private Limited, the Corporate Debtor, for initiating the corporate insolvency resolution process due to non-payment of dues amounting to Rs. 6,77,72,859/- along with interest at 18% per annum. The Operational Creditor provided security services to the Corporate Debtor, and despite repeated reminders, the Corporate Debtor failed to make payments.
Superior Fire & Security Services Private Limited (Operational Creditor) provided security services to Sarda Mines Private Limited (Corporate Debtor). The Corporate Debtor failed to pay outstanding dues of Rs. 6,77,72,859/- along with interest at 18% per annum, despite repeated reminders. The Operational Creditor issued a demand notice as per Section 8(1) of the I&B Code, which was received by the Corporate Debtor, but no reply was given. The Corporate Debtor admitted the debt and did not contest the application filed by the Operational Creditor under Section 9 of the I&B Code. The Operational Creditor submitted bank statements confirming the outstanding amount. The default commenced on 2015-09-30, the date of issuance of the first bill.
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The default commenced…
Operational Creditor…
Superior Fire & Security Services Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sarda Mines Private Limited, the Corporate Debtor, for initiating the corporate insolvency resolution process due to non-payment of dues amounting to Rs. 6,77,72,859/- along with interest at 18% per annum. The Operational Creditor provided security services to the Corporate Debtor, and despite repeated reminders, the Corporate Debtor failed to make payments.
Superior Fire & Security Services Private Limited (Operational Creditor) provided security services to Sarda Mines Private Limited (Corporate Debtor). The Corporate Debtor failed to pay outstanding dues of Rs. 6,77,72,859/- along with interest at 18% per annum, despite repeated reminders. The Operational Creditor issued a demand notice as per Section 8(1) of the I&B Code, which was received by the Corporate Debtor, but no reply was given. The Corporate Debtor admitted the debt and did not contest the application filed by the Operational Creditor under Section 9 of the I&B Code. The Operational Creditor submitted bank statements confirming the outstanding amount. The default commenced on 2015-09-30, the date of issuance of the first bill.
The default commenced…
Operational Creditor…