DNK Lorry Services, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accutime Logistic Private Limited, the corporate debtor. The petition was filed due to the corporate debtor's failure to pay an outstanding amount of Rs. 33,78,983 as of September 1, 2018, which was stated as the date of default. The operational creditor provided lorry services to the corporate debtor based on an agreement dated September 20, 2018. Invoices were raised between July 15, 2018, and September 18, 2018, totaling Rs. 34,67,720, out of which only Rs. 2,80,000 was received.
DNK Lorry Services, a proprietorship owned by Nawal Kishor Gupta, provided transportation services to Accutime Logistic Private Limited under an agreement dated September 20, 2018. Invoices totaling Rs. 34,67,720 were raised between July 15, 2018, and September 18, 2018, but only Rs. 2,80,000 was paid. As of September 1, 2018, Rs. 33,78,983 remained unpaid. The Corporate Debtor acknowledged the debt in an email dated February 16, 2019, citing fund shortage. The Operational Creditor issued a statutory demand notice on February 23, 2019, which the Corporate Debtor replied to on March 4, 2019, denying any outstanding dues and alleging non-compliance with the agreement terms, including the failure to provide waterproof containers, resulting in water leakage and damage to
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Operational Creditor…
Operational Creditor…
DNK Lorry Services, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accutime Logistic Private Limited, the corporate debtor. The petition was filed due to the corporate debtor's failure to pay an outstanding amount of Rs. 33,78,983 as of September 1, 2018, which was stated as the date of default. The operational creditor provided lorry services to the corporate debtor based on an agreement dated September 20, 2018. Invoices were raised between July 15, 2018, and September 18, 2018, totaling Rs. 34,67,720, out of which only Rs. 2,80,000 was received.
DNK Lorry Services, a proprietorship owned by Nawal Kishor Gupta, provided transportation services to Accutime Logistic Private Limited under an agreement dated September 20, 2018. Invoices totaling Rs. 34,67,720 were raised between July 15, 2018, and September 18, 2018, but only Rs. 2,80,000 was paid. As of September 1, 2018, Rs. 33,78,983 remained unpaid. The Corporate Debtor acknowledged the debt in an email dated February 16, 2019, citing fund shortage. The Operational Creditor issued a statutory demand notice on February 23, 2019, which the Corporate Debtor replied to on March 4, 2019, denying any outstanding dues and alleging non-compliance with the agreement terms, including the failure to provide waterproof containers, resulting in water leakage and damage to
…Operational Creditor…
Operational Creditor…