Rutu Computer Services filed a Company Petition on 2024-02-21 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ITSource Technologies Limited, claiming an operational debt of Rs. 1,06,52,517/- with a default date of 2023-10-25. Rutu Computer Services, engaged in manufacturing and retail sale of computers and peripherals, claimed that ITSource Technologies Limited, the corporate debtor, failed to pay for goods supplied despite repeated requests and reminders. The corporate debtor acknowledged placing orders and receiving goods but cited financial difficulties due to unforeseen circumstances, particularly the Covid-19 pandemic, leading to an NPA account in May 2024.
Rutu Computer Services, the Operational Creditor, is in the business of manufacturing and retail sale of computers and computer peripherals. ITSource Technologies Limited, the Corporate Debtor, placed orders for computer peripherals to be delivered to their site in Andheri East, Mumbai. Goods were sold and supplied to the Corporate Debtor from 2021 onwards. Invoices were raised, totaling Rs. 2,95,50,243/-. Despite payments made by the Corporate Debtor, an amount of Rs. 1,06,52,517/- remained outstanding. The date of default is 2023-10-25. The Operational Creditor followed up with the Corporate Debtor through phone calls, meetings, and emails. An email dated 2024-01-11 informed the Corporate Debtor of the non-payment. A demand notice was issued on 2024-01-25 and
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Rutu Computer Services filed a Company Petition on 2024-02-21 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ITSource Technologies Limited, claiming an operational debt of Rs. 1,06,52,517/- with a default date of 2023-10-25. Rutu Computer Services, engaged in manufacturing and retail sale of computers and peripherals, claimed that ITSource Technologies Limited, the corporate debtor, failed to pay for goods supplied despite repeated requests and reminders. The corporate debtor acknowledged placing orders and receiving goods but cited financial difficulties due to unforeseen circumstances, particularly the Covid-19 pandemic, leading to an NPA account in May 2024.
Rutu Computer Services, the Operational Creditor, is in the business of manufacturing and retail sale of computers and computer peripherals. ITSource Technologies Limited, the Corporate Debtor, placed orders for computer peripherals to be delivered to their site in Andheri East, Mumbai. Goods were sold and supplied to the Corporate Debtor from 2021 onwards. Invoices were raised, totaling Rs. 2,95,50,243/-. Despite payments made by the Corporate Debtor, an amount of Rs. 1,06,52,517/- remained outstanding. The date of default is 2023-10-25. The Operational Creditor followed up with the Corporate Debtor through phone calls, meetings, and emails. An email dated 2024-01-11 informed the Corporate Debtor of the non-payment. A demand notice was issued on 2024-01-25 and
…The date on which the Corporate Debtor…
The officer of the Operational Creditor informed…