The case involves a petition filed by Mr. Faihzan Khan, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against LI Digital Payments Private Limited, the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on payments amounting to Rs. 10,62,977/-. The Corporate Debtor raised objections regarding the service of the demand notice, claiming it was addressed to a non-existing entity and not properly delivered. The Corporate Debtor also alleged a pre-existing dispute based on a FIR filed against the Operational Creditor.
Mr. Faihzan Khan, the Operational Creditor, filed a petition under Section 9 of the IBC, 2016, against LI Digital Payments Private Limited, the Corporate Debtor, for defaulting on an operational debt of Rs. 10,62,977/-. Mr. Khan was employed as General Sales Manager at the Corporate Debtor with a salary of Rs. 21,00,000/- per annum, later revised to Rs. 25,20,000/-. His services were terminated on 16.08.2019. Upon leaving, he requested a full and final settlement of his dues. The Corporate Debtor failed to make the payment, leading to the issuance of a demand notice on 09.12.2019. The Corporate Debtor claimed the demand notice was defective as it was addressed to 'Lex Innova Digital Payments Pvt. Ltd.', a non-existing entity, and not properly served. They also alleged
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LI Digital Payments…
Mr. Faihzan Khan was…
The case involves a petition filed by Mr. Faihzan Khan, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against LI Digital Payments Private Limited, the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on payments amounting to Rs. 10,62,977/-. The Corporate Debtor raised objections regarding the service of the demand notice, claiming it was addressed to a non-existing entity and not properly delivered. The Corporate Debtor also alleged a pre-existing dispute based on a FIR filed against the Operational Creditor.
Mr. Faihzan Khan, the Operational Creditor, filed a petition under Section 9 of the IBC, 2016, against LI Digital Payments Private Limited, the Corporate Debtor, for defaulting on an operational debt of Rs. 10,62,977/-. Mr. Khan was employed as General Sales Manager at the Corporate Debtor with a salary of Rs. 21,00,000/- per annum, later revised to Rs. 25,20,000/-. His services were terminated on 16.08.2019. Upon leaving, he requested a full and final settlement of his dues. The Corporate Debtor failed to make the payment, leading to the issuance of a demand notice on 09.12.2019. The Corporate Debtor claimed the demand notice was defective as it was addressed to 'Lex Innova Digital Payments Pvt. Ltd.', a non-existing entity, and not properly served. They also alleged
…LI Digital Payments…
Mr. Faihzan Khan was…