India Printing Works filed a company petition against Vidyasagar Learning Private Limited, alleging default in payment for printing services. The petitioner, engaged in printing, provided study material, answer sheets, and question papers to the corporate debtor, an education/learning business. Despite partial payments, a significant balance remained outstanding, leading the petitioner to initiate Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code.
India Printing Works (the Petitioner) filed a petition against Vidyasagar Learning Private Limited (the Corporate Debtor) under Section 8 and 9 of the Insolvency & Bankruptcy Code, 2016, alleging default in payment. The Petitioner, a printing business, provided printing services, including study material and question papers, to the Corporate Debtor, an education company. The Corporate Debtor made partial payments, but a balance of Rs. 26,57,439 remained outstanding, including principal and interest. The Petitioner issued a demand notice on 08.04.2019. The Corporate Debtor acknowledged the debt in a letter but requested more time to pay. The Petitioner submitted invoices as proof of work done and the Corporate Debtor's liability. The Corporate Debtor admitted the
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The Petitioner issued a demand notice to…
The Corporate Debtor proposed to clear 4 lacs…
India Printing Works filed a company petition against Vidyasagar Learning Private Limited, alleging default in payment for printing services. The petitioner, engaged in printing, provided study material, answer sheets, and question papers to the corporate debtor, an education/learning business. Despite partial payments, a significant balance remained outstanding, leading the petitioner to initiate Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code.
India Printing Works (the Petitioner) filed a petition against Vidyasagar Learning Private Limited (the Corporate Debtor) under Section 8 and 9 of the Insolvency & Bankruptcy Code, 2016, alleging default in payment. The Petitioner, a printing business, provided printing services, including study material and question papers, to the Corporate Debtor, an education company. The Corporate Debtor made partial payments, but a balance of Rs. 26,57,439 remained outstanding, including principal and interest. The Petitioner issued a demand notice on 08.04.2019. The Corporate Debtor acknowledged the debt in a letter but requested more time to pay. The Petitioner submitted invoices as proof of work done and the Corporate Debtor's liability. The Corporate Debtor admitted the
…The Petitioner issued a demand notice to…
The Corporate Debtor proposed to clear 4 lacs…