The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Shyam Prakash Singh, proprietor of M/s. Maa Sharda Electronics System, an operational creditor, against M/s. UM Green Lighting Private Limited, the corporate debtor. The operational creditor initiated the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's inability to liquidate outstanding dues. The petitioner is engaged in the business of manufacturing and wholesaling solar products and had supplied goods to the corporate debtor, with payment due within 45 days of each invoice. The petitioner reminded the corporate debtor multiple times for the pending dues but the corporate debtor failed to make the payment. The petitioner sent a demand
…Mr. Shyam Prakash Singh, proprietor of M/s. Maa Sharda Electronics System, is an operational creditor engaged in manufacturing and wholesaling solar products. M/s. UM Green Lighting Private Limited is the corporate debtor. The operational creditor supplied goods to the corporate debtor, with payment due within 45 days of each invoice. The corporate debtor failed to make payments despite reminders. The operational creditor sent a demand notice dated 2020-03-21. The claim amount in the petition is less than one crore rupees. A notification dated 2020-03-24 increased the minimum default amount for initiating insolvency proceedings to one crore rupees. The petition was filed after this notification.
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The Petitioner sent the…
The Central Government issued a notification…
The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. Shyam Prakash Singh, proprietor of M/s. Maa Sharda Electronics System, an operational creditor, against M/s. UM Green Lighting Private Limited, the corporate debtor. The operational creditor initiated the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's inability to liquidate outstanding dues. The petitioner is engaged in the business of manufacturing and wholesaling solar products and had supplied goods to the corporate debtor, with payment due within 45 days of each invoice. The petitioner reminded the corporate debtor multiple times for the pending dues but the corporate debtor failed to make the payment. The petitioner sent a demand
…Mr. Shyam Prakash Singh, proprietor of M/s. Maa Sharda Electronics System, is an operational creditor engaged in manufacturing and wholesaling solar products. M/s. UM Green Lighting Private Limited is the corporate debtor. The operational creditor supplied goods to the corporate debtor, with payment due within 45 days of each invoice. The corporate debtor failed to make payments despite reminders. The operational creditor sent a demand notice dated 2020-03-21. The claim amount in the petition is less than one crore rupees. A notification dated 2020-03-24 increased the minimum default amount for initiating insolvency proceedings to one crore rupees. The petition was filed after this notification.
The Petitioner sent the…
The Central Government issued a notification…