Universal International Creation Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sarga Hotel Private Limited, the corporate debtor, for non-payment of $324,021.71, equivalent to Rs. 2,30,06,458.39. The operational creditor had supplied marble slabs to the corporate debtor in 2014 for its 5-star hotel project in Rajarhat, Kolkata. The price was settled through negotiation, and the corporate debtor issued a purchase order. The operational creditor supplied the marbles, which were accepted without dispute. The corporate debtor made part payments, with the last payment on June 7, 2017. Despite requests, the corporate debtor failed to pay the outstanding amount.
Universal International Creation Limited (Operational Creditor) supplied marble slabs to Sarga Hotel Private Limited (Corporate Debtor) in 2014 for a 5-star hotel project in Rajarhat, Kolkata. The price was negotiated and accepted. The Corporate Debtor issued a Purchase Order, and the Operational Creditor supplied the marbles, which were accepted without any dispute regarding the materials supplied. Part payments were made, with the last payment on June 7, 2017. Despite multiple requests, the Corporate Debtor failed to pay the outstanding amount of $324,021.71 (equivalent to Rs. 2,30,06,458.39). The Operational Creditor issued a demand notice on December 19, 2019, under Section 8 of the IBC, which the Corporate Debtor received on December 20, 2019. The Corporate Debtor
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Operational Creditor…
Corporate Debtor made…
Universal International Creation Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sarga Hotel Private Limited, the corporate debtor, for non-payment of $324,021.71, equivalent to Rs. 2,30,06,458.39. The operational creditor had supplied marble slabs to the corporate debtor in 2014 for its 5-star hotel project in Rajarhat, Kolkata. The price was settled through negotiation, and the corporate debtor issued a purchase order. The operational creditor supplied the marbles, which were accepted without dispute. The corporate debtor made part payments, with the last payment on June 7, 2017. Despite requests, the corporate debtor failed to pay the outstanding amount.
Universal International Creation Limited (Operational Creditor) supplied marble slabs to Sarga Hotel Private Limited (Corporate Debtor) in 2014 for a 5-star hotel project in Rajarhat, Kolkata. The price was negotiated and accepted. The Corporate Debtor issued a Purchase Order, and the Operational Creditor supplied the marbles, which were accepted without any dispute regarding the materials supplied. Part payments were made, with the last payment on June 7, 2017. Despite multiple requests, the Corporate Debtor failed to pay the outstanding amount of $324,021.71 (equivalent to Rs. 2,30,06,458.39). The Operational Creditor issued a demand notice on December 19, 2019, under Section 8 of the IBC, which the Corporate Debtor received on December 20, 2019. The Corporate Debtor
…Operational Creditor…
Corporate Debtor made…