The case involves an application filed by M/s ACE CARDIOPATHY SOLUTIONS PVT. LTD. (Operational Creditor/Applicant) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s CARDIAC CARE AND ALLIED HEALTH PVT LTD. (Corporate Debtor/Respondent). The applicant is a supplier of medical devices, while the respondent operates a hospital named 'Heart and General Hospital'. The applicant alleges default in payment of operational dues.
M/s ACE CARDIOPATHY SOLUTIONS PVT. LTD. (Applicant) filed an application to initiate CIRP against M/s CARDIAC CARE AND ALLIED HEALTH PVT LTD. (Corporate Debtor) due to unpaid operational debt. The Applicant supplied medical devices to the Corporate Debtor, who operates a hospital. The Corporate Debtor made timely payments until 31.03.2022, after which payments stopped. The last unpaid invoice was dated 08.11.2022. The total unpaid amount was Rs. 1,79,98,948.93 as principal and Rs. 19,73,329.59 as interest (at 18% per annum as of 31.01.2023). A demand notice was issued on 11.02.2023, to which the Corporate Debtor raised objections, alleging discrepancies and unethical practices regarding the supplies, claiming collusion between the Applicant and the former director, and
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The Corporate Debtor…
The last unpaid invoice…
The case involves an application filed by M/s ACE CARDIOPATHY SOLUTIONS PVT. LTD. (Operational Creditor/Applicant) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s CARDIAC CARE AND ALLIED HEALTH PVT LTD. (Corporate Debtor/Respondent). The applicant is a supplier of medical devices, while the respondent operates a hospital named 'Heart and General Hospital'. The applicant alleges default in payment of operational dues.
M/s ACE CARDIOPATHY SOLUTIONS PVT. LTD. (Applicant) filed an application to initiate CIRP against M/s CARDIAC CARE AND ALLIED HEALTH PVT LTD. (Corporate Debtor) due to unpaid operational debt. The Applicant supplied medical devices to the Corporate Debtor, who operates a hospital. The Corporate Debtor made timely payments until 31.03.2022, after which payments stopped. The last unpaid invoice was dated 08.11.2022. The total unpaid amount was Rs. 1,79,98,948.93 as principal and Rs. 19,73,329.59 as interest (at 18% per annum as of 31.01.2023). A demand notice was issued on 11.02.2023, to which the Corporate Debtor raised objections, alleging discrepancies and unethical practices regarding the supplies, claiming collusion between the Applicant and the former director, and
…The Corporate Debtor…
The last unpaid invoice…