The case involves a petition filed by Tudor India Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Servotech Power Systems Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The primary issue revolves around the validity of the demand notice issued by the Operational Creditor, specifically whether it complies with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, given that the demand notice was sent in Form 3 with annexed invoices.
Tudor India Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Servotech Power Systems Limited (Corporate Debtor). The Operational Creditor's claim is based on unpaid invoices. The demand notice, dated 22.04.2020, was sent in Form 3, accompanied by invoices. The Corporate Debtor's authorized share capital is Rs. 19,00,00,000/- and paid-up share capital is Rs. 18,31,00,000/-. The petition was first listed before the Adjudicating Authority on 16.04.2021. A query was raised regarding the compliance of the demand notice with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as it was sent in Form 3 instead of Form 4. The Operational Creditor argued that Section 8
…Sign in to view the parties.
Tudor India Pvt. Ltd.…
Servotech Power Systems…
The case involves a petition filed by Tudor India Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Servotech Power Systems Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The primary issue revolves around the validity of the demand notice issued by the Operational Creditor, specifically whether it complies with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, given that the demand notice was sent in Form 3 with annexed invoices.
Tudor India Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Servotech Power Systems Limited (Corporate Debtor). The Operational Creditor's claim is based on unpaid invoices. The demand notice, dated 22.04.2020, was sent in Form 3, accompanied by invoices. The Corporate Debtor's authorized share capital is Rs. 19,00,00,000/- and paid-up share capital is Rs. 18,31,00,000/-. The petition was first listed before the Adjudicating Authority on 16.04.2021. A query was raised regarding the compliance of the demand notice with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as it was sent in Form 3 instead of Form 4. The Operational Creditor argued that Section 8
…Tudor India Pvt. Ltd.…
Servotech Power Systems…