An operational creditor, Anhui Technology Imp. Exp Co. Ltd, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AK Edu Technologies Pvt. Ltd., the corporate debtor, due to unpaid operational debt. The corporate debtor had raised a purchase order for electronic goods, and the operational creditor supplied the goods. A part payment was made, but a significant balance remained unpaid. The operational creditor issued a demand notice, and the corporate debtor replied, disputing the claim. The Adjudicating Authority considered whether the demand notice was duly served, whether the operational debt was disputed, and whether the application was filed within the limitation period.
Anhui Technology Imp. Exp Co. Ltd, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AK Edu Technologies Pvt. Ltd., the corporate debtor. The corporate debtor raised a Purchase Order No.HG20161227003-I dated 24th April, 2017 for purchasing various electronic goods e.g. Tablet PC for a total sale consideration of USD2,10,308.00. The operational creditor supplied the goods. The corporate debtor made a part payment of USD20,000.00 on 27th June 2017, but failed to pay the remaining USD1,90,308.00. The operational creditor issued a demand notice on 11.10.2017. The corporate debtor replied on 20.11.2017, disputing the claim. The operational creditor filed
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Corporate Debtor raised a Purchase Order…
Corporate Debtor made a…
An operational creditor, Anhui Technology Imp. Exp Co. Ltd, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AK Edu Technologies Pvt. Ltd., the corporate debtor, due to unpaid operational debt. The corporate debtor had raised a purchase order for electronic goods, and the operational creditor supplied the goods. A part payment was made, but a significant balance remained unpaid. The operational creditor issued a demand notice, and the corporate debtor replied, disputing the claim. The Adjudicating Authority considered whether the demand notice was duly served, whether the operational debt was disputed, and whether the application was filed within the limitation period.
Anhui Technology Imp. Exp Co. Ltd, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AK Edu Technologies Pvt. Ltd., the corporate debtor. The corporate debtor raised a Purchase Order No.HG20161227003-I dated 24th April, 2017 for purchasing various electronic goods e.g. Tablet PC for a total sale consideration of USD2,10,308.00. The operational creditor supplied the goods. The corporate debtor made a part payment of USD20,000.00 on 27th June 2017, but failed to pay the remaining USD1,90,308.00. The operational creditor issued a demand notice on 11.10.2017. The corporate debtor replied on 20.11.2017, disputing the claim. The operational creditor filed
…Corporate Debtor raised a Purchase Order…
Corporate Debtor made a…