Biostadt India Ltd. filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sonachi Industries Ltd., alleging default in payment of ₹1,14,41,776.61. The default pertains to invoices raised on 25.8.2015, 13.10.2015, and 14.10.2015. The Operational Creditor issued legal notices and a demand notice under the Insolvency & Bankruptcy Code, 2016, calling upon the Corporate Debtor to make the outstanding payment with interest.
Biostadt India Ltd. (Operational Creditor) filed a petition against Sonachi Industries Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of ₹1,14,41,776.61. The default arose from three invoices dated 25.8.2015, 13.10.2015, and 14.10.2015. The invoices were raised for goods supplied by the Operational Creditor. Despite a 90-day credit period, no payments were made. The Operational Creditor issued legal notices on 22.6.2016 and 19.9.2016, followed by a demand notice on 6.6.2017. Email correspondence indicated the Corporate Debtor's promise to release payments, but the dues remained outstanding. The Operational Creditor submitted a bank certificate and an affidavit confirming the absence of any dispute notice from the Corporate Debtor. The
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Invoice raised…
Invoice raised…
Biostadt India Ltd. filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sonachi Industries Ltd., alleging default in payment of ₹1,14,41,776.61. The default pertains to invoices raised on 25.8.2015, 13.10.2015, and 14.10.2015. The Operational Creditor issued legal notices and a demand notice under the Insolvency & Bankruptcy Code, 2016, calling upon the Corporate Debtor to make the outstanding payment with interest.
Biostadt India Ltd. (Operational Creditor) filed a petition against Sonachi Industries Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of ₹1,14,41,776.61. The default arose from three invoices dated 25.8.2015, 13.10.2015, and 14.10.2015. The invoices were raised for goods supplied by the Operational Creditor. Despite a 90-day credit period, no payments were made. The Operational Creditor issued legal notices on 22.6.2016 and 19.9.2016, followed by a demand notice on 6.6.2017. Email correspondence indicated the Corporate Debtor's promise to release payments, but the dues remained outstanding. The Operational Creditor submitted a bank certificate and an affidavit confirming the absence of any dispute notice from the Corporate Debtor. The
…Invoice raised…
Invoice raised…