Bansal Industries, an operational creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kumar Brother Enterprises Private Limited, a corporate debtor, due to unpaid operational debt. Bansal Industries claimed that Kumar Brother Enterprises owed ₹69,94,228 for the supply of metal sheets and water tank structures, along with an interest of ₹19,04,930, totaling ₹88,99,158. Bansal Industries sent a demand notice on July 15, 2019, and subsequently via email on August 17, 2019, which the corporate debtor did not respond to. Kumar Brother Enterprises argued that no operational debt was due and that the payment was contingent upon receiving funds from the Government of
…Bansal Industries (Operational Creditor) supplied metal sheets and water tank structures to Kumar Brother Enterprises Private Limited (Corporate Debtor). The total amount due for the supplies was ₹69,94,228, with an additional interest of ₹19,04,930, bringing the total outstanding amount to ₹88,99,158. The invoices for the supplies became due and payable from their respective dates of issuance. Bansal Industries sent a demand notice to Kumar Brother Enterprises on July 15, 2019, under Section 8 of the Insolvency and Bankruptcy Code, which was returned unaccepted. A subsequent demand notice was sent via email on August 17, 2019, to the Corporate Debtor's official email address, but no reply was received. Kumar Brother Enterprises claimed that no operational debt was due
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Operational Creditor sent a demand notice to…
Operational Creditor…
Bansal Industries, an operational creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kumar Brother Enterprises Private Limited, a corporate debtor, due to unpaid operational debt. Bansal Industries claimed that Kumar Brother Enterprises owed ₹69,94,228 for the supply of metal sheets and water tank structures, along with an interest of ₹19,04,930, totaling ₹88,99,158. Bansal Industries sent a demand notice on July 15, 2019, and subsequently via email on August 17, 2019, which the corporate debtor did not respond to. Kumar Brother Enterprises argued that no operational debt was due and that the payment was contingent upon receiving funds from the Government of
…Bansal Industries (Operational Creditor) supplied metal sheets and water tank structures to Kumar Brother Enterprises Private Limited (Corporate Debtor). The total amount due for the supplies was ₹69,94,228, with an additional interest of ₹19,04,930, bringing the total outstanding amount to ₹88,99,158. The invoices for the supplies became due and payable from their respective dates of issuance. Bansal Industries sent a demand notice to Kumar Brother Enterprises on July 15, 2019, under Section 8 of the Insolvency and Bankruptcy Code, which was returned unaccepted. A subsequent demand notice was sent via email on August 17, 2019, to the Corporate Debtor's official email address, but no reply was received. Kumar Brother Enterprises claimed that no operational debt was due
…Operational Creditor sent a demand notice to…
Operational Creditor…