The petitioner, an Operational Creditor, initiated Corporate Insolvency Process against the Respondent/Corporate Debtor, M/s Satkar Container lines Pvt. Ltd. The Operational Creditor is in the business of providing storage and handling activities for containers. The Corporate Debtor availed of these services in the year 2017-18. Ten invoices were raised, and a running account was maintained by the Operational Creditor for a total sum of Rs. 25,41,063.38. After adjusting a security deposit, the outstanding liability was reduced to Rs. 24,91,063/-. Despite repeated requests, the Corporate Debtor failed to liquidate the outstanding liability. The Applicant/Operational Creditor issued a notice dated 2018-05-01 under Section 8 of the Code, which was not replied to. The
…M/s Kandla International Container Terminal Pvt. Ltd. (the Operational Creditor) provided storage and handling services to M/s Satkar Container lines Pvt. Ltd. (the Corporate Debtor) during the year 2017-18. The Operational Creditor raised ten invoices for these services, resulting in a total outstanding amount of Rs. 25,41,063.38. After adjusting a security deposit of Rs. 50,000/-, the outstanding liability was reduced to Rs. 24,91,063/-. Despite repeated requests and reminders, the Corporate Debtor failed to pay the outstanding amount. Consequently, the Operational Creditor issued a notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), 2016, which went unanswered. The Operational Creditor then filed a petition under Section 9 of the IBC, asserting that
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M/s Kandla International Container Terminal…
The Applicant/Operational Creditor issued a…
The petitioner, an Operational Creditor, initiated Corporate Insolvency Process against the Respondent/Corporate Debtor, M/s Satkar Container lines Pvt. Ltd. The Operational Creditor is in the business of providing storage and handling activities for containers. The Corporate Debtor availed of these services in the year 2017-18. Ten invoices were raised, and a running account was maintained by the Operational Creditor for a total sum of Rs. 25,41,063.38. After adjusting a security deposit, the outstanding liability was reduced to Rs. 24,91,063/-. Despite repeated requests, the Corporate Debtor failed to liquidate the outstanding liability. The Applicant/Operational Creditor issued a notice dated 2018-05-01 under Section 8 of the Code, which was not replied to. The
…M/s Kandla International Container Terminal Pvt. Ltd. (the Operational Creditor) provided storage and handling services to M/s Satkar Container lines Pvt. Ltd. (the Corporate Debtor) during the year 2017-18. The Operational Creditor raised ten invoices for these services, resulting in a total outstanding amount of Rs. 25,41,063.38. After adjusting a security deposit of Rs. 50,000/-, the outstanding liability was reduced to Rs. 24,91,063/-. Despite repeated requests and reminders, the Corporate Debtor failed to pay the outstanding amount. Consequently, the Operational Creditor issued a notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), 2016, which went unanswered. The Operational Creditor then filed a petition under Section 9 of the IBC, asserting that
…M/s Kandla International Container Terminal…
The Applicant/Operational Creditor issued a…