Redhex IT Solutions Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Zenith Automotive Private Limited, the corporate debtor, for default in settling an amount of Rs 8,55,500, including CGST and SGST @ 9% towards Office Management Charges. The operational creditor issued a demand notice under Section 8 of IBC, but the corporate debtor did not reply. The corporate debtor later acknowledged the debt but claimed inability to pay due to business losses.
Redhex IT Solutions Private Limited (Operational Creditor - OC) provided office management services to Zenith Automotive Private Limited (Corporate Debtor - CD). An invoice dated 2019-09-25 was issued for Rs 8,55,500. The OC issued a demand notice to the CD on 2020-01-05 under Section 8 of the Insolvency and Bankruptcy Code (IBC). The CD acknowledged the debt but stated an inability to pay due to business losses, including factors like demonetization and GST impact. The CD did not raise any dispute against the principal amount. The OC filed an application under Section 9 of IBC seeking initiation of CIRP.
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Corporate Debtor approached Operational Creditor…
Operational Creditor issued the Demand Notice…
Redhex IT Solutions Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Zenith Automotive Private Limited, the corporate debtor, for default in settling an amount of Rs 8,55,500, including CGST and SGST @ 9% towards Office Management Charges. The operational creditor issued a demand notice under Section 8 of IBC, but the corporate debtor did not reply. The corporate debtor later acknowledged the debt but claimed inability to pay due to business losses.
Redhex IT Solutions Private Limited (Operational Creditor - OC) provided office management services to Zenith Automotive Private Limited (Corporate Debtor - CD). An invoice dated 2019-09-25 was issued for Rs 8,55,500. The OC issued a demand notice to the CD on 2020-01-05 under Section 8 of the Insolvency and Bankruptcy Code (IBC). The CD acknowledged the debt but stated an inability to pay due to business losses, including factors like demonetization and GST impact. The CD did not raise any dispute against the principal amount. The OC filed an application under Section 9 of IBC seeking initiation of CIRP.
Corporate Debtor approached Operational Creditor…
Operational Creditor issued the Demand Notice…