Amatya Business Consulting Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Health Biotech Limited, claiming an outstanding amount of Rs. 27,14,000/-. The operational debt was allegedly due since 07.02.2019. The Corporate Debtor, Health Biotech Limited, argued that the claim was based on an invoice raised more than 15 months after the expiry of the agreement between the parties, and that there was a pre-existing dispute.
Amatya Business Consulting Pvt. Ltd. (Operational Creditor) filed a petition against Health Biotech Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding operational debt of Rs. 27,14,000/-. The debt allegedly became due on 07.02.2019. The Operational Creditor claimed that it had provided consulting services to the Corporate Debtor, and the outstanding amount was reflected in its books of accounts. A demand notice was issued on 03.04.2019, to which the Corporate Debtor replied on 10.04.2019, stating that the agreement between the parties was valid only for six months, from 06.06.2017 to 05.12.2017, and the Operational Creditor failed to perform its duties within that period. The Corporate Debtor also argued that
…Sign in to view the parties.
Agreement entered into between Amatya Business…
Agreement between…
Amatya Business Consulting Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Health Biotech Limited, claiming an outstanding amount of Rs. 27,14,000/-. The operational debt was allegedly due since 07.02.2019. The Corporate Debtor, Health Biotech Limited, argued that the claim was based on an invoice raised more than 15 months after the expiry of the agreement between the parties, and that there was a pre-existing dispute.
Amatya Business Consulting Pvt. Ltd. (Operational Creditor) filed a petition against Health Biotech Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding operational debt of Rs. 27,14,000/-. The debt allegedly became due on 07.02.2019. The Operational Creditor claimed that it had provided consulting services to the Corporate Debtor, and the outstanding amount was reflected in its books of accounts. A demand notice was issued on 03.04.2019, to which the Corporate Debtor replied on 10.04.2019, stating that the agreement between the parties was valid only for six months, from 06.06.2017 to 05.12.2017, and the Operational Creditor failed to perform its duties within that period. The Corporate Debtor also argued that
…Agreement entered into between Amatya Business…
Agreement between…