Sagar Business Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sidhartha Construction and Trading Private Limited, claiming an operational debt of Rs. 18,99,474/-. The application was initially dismissed due to limitation issues but was later revived by NCLAT.
Sagar Business Private Limited filed an application under Section 9 of the IBC to initiate CIRP against Sidhartha Construction and Trading Private Limited.
The initial application was dismissed by the NCLT due to limitation issues.
NCLAT set aside the NCLT's order and revived the application.
The applicant claimed an operational debt of Rs. 18,99,474/-.
The respondent argued that the application was barred by limitation and that the demand notice was not served.
The applicant contended that a payment made by the respondent extended the limitation period.
The NCLT admitted the application for CIRP and declared a moratorium.
Mr. Saradindu Jena was appointed as the Interim Resolution Professional (IRP).
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Sagar Business Private…
The NCLT initially…
Sagar Business Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sidhartha Construction and Trading Private Limited, claiming an operational debt of Rs. 18,99,474/-. The application was initially dismissed due to limitation issues but was later revived by NCLAT.
Sagar Business Private Limited filed an application under Section 9 of the IBC to initiate CIRP against Sidhartha Construction and Trading Private Limited.
The initial application was dismissed by the NCLT due to limitation issues.
NCLAT set aside the NCLT's order and revived the application.
The applicant claimed an operational debt of Rs. 18,99,474/-.
The respondent argued that the application was barred by limitation and that the demand notice was not served.
The applicant contended that a payment made by the respondent extended the limitation period.
The NCLT admitted the application for CIRP and declared a moratorium.
Mr. Saradindu Jena was appointed as the Interim Resolution Professional (IRP).
Sagar Business Private…
The NCLT initially…