The case involves an operational creditor, Sh. Atul Gupta, who is a supplier of goods in the construction industry, initiating a Corporate Insolvency Resolution Process (CIRP) against Topline Build-Tech Pvt. Ltd., the corporate debtor, due to unpaid bills. The corporate debtor had a long-standing relationship with the operational creditor but became irregular in payments in 2008. The corporate debtor issued two cheques in 2010-2011, which were dishonored. The operational creditor did not pursue legal remedies based on assurances of payment. On 26.03.2014, the corporate debtor paid Rs. 20,000 against one bounced cheque, but Rs. 1,85,770 remained unpaid towards the other cheque. The operational creditor filed a petition under Section 9 of the IBC, 2016.
Sh. Atul Gupta, an operational creditor and supplier of goods in the construction industry, had a long-standing relationship with Topline Build-Tech Pvt. Ltd., the corporate debtor. In 2008, the corporate debtor began to make irregular payments. In 2010-2011, the corporate debtor issued two cheques to the operational creditor, which were subsequently dishonored. Despite the dishonored cheques, the operational creditor did not pursue legal action based on the corporate debtor's assurances of payment. On 2014-03-26, the corporate debtor paid Rs. 20,000 towards one of the bounced cheques. A balance of Rs. 1,85,770 remained unpaid for the other cheque. The operational creditor filed a petition under Section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency
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The Corporate Debtor…
The Corporate Debtor…
The case involves an operational creditor, Sh. Atul Gupta, who is a supplier of goods in the construction industry, initiating a Corporate Insolvency Resolution Process (CIRP) against Topline Build-Tech Pvt. Ltd., the corporate debtor, due to unpaid bills. The corporate debtor had a long-standing relationship with the operational creditor but became irregular in payments in 2008. The corporate debtor issued two cheques in 2010-2011, which were dishonored. The operational creditor did not pursue legal remedies based on assurances of payment. On 26.03.2014, the corporate debtor paid Rs. 20,000 against one bounced cheque, but Rs. 1,85,770 remained unpaid towards the other cheque. The operational creditor filed a petition under Section 9 of the IBC, 2016.
Sh. Atul Gupta, an operational creditor and supplier of goods in the construction industry, had a long-standing relationship with Topline Build-Tech Pvt. Ltd., the corporate debtor. In 2008, the corporate debtor began to make irregular payments. In 2010-2011, the corporate debtor issued two cheques to the operational creditor, which were subsequently dishonored. Despite the dishonored cheques, the operational creditor did not pursue legal action based on the corporate debtor's assurances of payment. On 2014-03-26, the corporate debtor paid Rs. 20,000 towards one of the bounced cheques. A balance of Rs. 1,85,770 remained unpaid for the other cheque. The operational creditor filed a petition under Section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency
…The Corporate Debtor…
The Corporate Debtor…