VA Realcon Private Limited, an operational creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Avail Holding Limited, the corporate debtor (CD), due to a default in payment. The OC claimed that the CD failed to pay Rs. 1,14,28,500/- for the sale of 1,16,620 shares of Macor Packaging Limited. Despite raising an invoice dated 14.10.2019 and issuing reminder letters, the CD did not make the payment. The OC then served a demand notice to the CD. The CD admitted to the debt and default in its reply but sought time for settlement. The matter was previously dismissed due to lack of proof of ownership of shares by the OC, but the order was set aside by NCLAT.
VA Realcon Private Limited (Operational Creditor) sold 1,16,620 shares of Macor Packaging Limited to Avail Holding Limited (Corporate Debtor) for Rs. 1,14,28,500/- on 14.10.2019. An invoice was raised on the same date. Despite reminders, the Corporate Debtor failed to make the payment. A demand notice was issued under Section 8 of the IBC, 2016. The Corporate Debtor admitted the debt and default in its reply. The application was initially dismissed due to lack of proof of ownership of shares by the Operational Creditor, but the order was set aside by NCLAT. The Operational Creditor annexed a contract note and invoice dated 14.10.2019. A share certificate was also available on record. The Corporate Debtor did not dispute the ownership of the shares during the hearing.
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VA Realcon Private Limited sold 1,16,620…
VA Realcon Private Limited issued a reminder…
VA Realcon Private Limited, an operational creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Avail Holding Limited, the corporate debtor (CD), due to a default in payment. The OC claimed that the CD failed to pay Rs. 1,14,28,500/- for the sale of 1,16,620 shares of Macor Packaging Limited. Despite raising an invoice dated 14.10.2019 and issuing reminder letters, the CD did not make the payment. The OC then served a demand notice to the CD. The CD admitted to the debt and default in its reply but sought time for settlement. The matter was previously dismissed due to lack of proof of ownership of shares by the OC, but the order was set aside by NCLAT.
VA Realcon Private Limited (Operational Creditor) sold 1,16,620 shares of Macor Packaging Limited to Avail Holding Limited (Corporate Debtor) for Rs. 1,14,28,500/- on 14.10.2019. An invoice was raised on the same date. Despite reminders, the Corporate Debtor failed to make the payment. A demand notice was issued under Section 8 of the IBC, 2016. The Corporate Debtor admitted the debt and default in its reply. The application was initially dismissed due to lack of proof of ownership of shares by the Operational Creditor, but the order was set aside by NCLAT. The Operational Creditor annexed a contract note and invoice dated 14.10.2019. A share certificate was also available on record. The Corporate Debtor did not dispute the ownership of the shares during the hearing.
…VA Realcon Private Limited sold 1,16,620…
VA Realcon Private Limited issued a reminder…