The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Prabhakar Processors Pvt. Ltd. (Operational Creditor/Petitioner) against Shree Sachidanand Industries Pvt. Ltd. (Corporate Debtor/Respondent) for the commencement of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that it had performed 'job work' for the Corporate Debtor, raising invoices for Rs. 26,76,211, which remained unpaid. The Corporate Debtor had deducted TDS on the amount due, but the payment was not made.
Prabhakar Processors Pvt. Ltd. (Operational Creditor) filed an IB petition against Shree Sachidanand Industries Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that it had performed 'job work' for the Corporate Debtor, raising invoices for a total amount of Rs. 26,76,211. The Corporate Debtor had deducted TDS amounting to Rs. 46,349 from the amount due to the Operational Creditor, as reflected in Form 26-AS. However, the Corporate Debtor failed to make the payment of the remaining amount. The Corporate Debtor argued that the IB petition was filed beyond intimation and that there was a dispute regarding payment of the invoices. The cheque issued by the Corporate Debtor was dishonored. The
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Prabhakar Processors Pvt. Ltd. (Operational Creditor/Petitioner) against Shree Sachidanand Industries Pvt. Ltd. (Corporate Debtor/Respondent) for the commencement of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that it had performed 'job work' for the Corporate Debtor, raising invoices for Rs. 26,76,211, which remained unpaid. The Corporate Debtor had deducted TDS on the amount due, but the payment was not made.
Prabhakar Processors Pvt. Ltd. (Operational Creditor) filed an IB petition against Shree Sachidanand Industries Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that it had performed 'job work' for the Corporate Debtor, raising invoices for a total amount of Rs. 26,76,211. The Corporate Debtor had deducted TDS amounting to Rs. 46,349 from the amount due to the Operational Creditor, as reflected in Form 26-AS. However, the Corporate Debtor failed to make the payment of the remaining amount. The Corporate Debtor argued that the IB petition was filed beyond intimation and that there was a dispute regarding payment of the invoices. The cheque issued by the Corporate Debtor was dishonored. The
…The Operational…
The Adjudicating…