The case involves a Company Petition (IB)-1139(MB)/C-III/2022 filed by M/s Kataria Infrastructure Corporation (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Manas Vyapar Private Limited (Corporate Debtor) for resolving a default in repayment of an operational debt of Rs. 1,00,00,000/-. The Operational Creditor claimed to have entered into an oral agreement with the Corporate Debtor for an "Operation and Management" Contract for a windmill, advancing Rs. 1,00,00,000/- on 21.03.2008, which was never executed. The Corporate Debtor acknowledged the advance in its financial statements until 2017-2018 but later started writing it off. The Operational Creditor issued a demand notice on 20.06.2022, which went unanswered.
M/s Kataria Infrastructure Corporation (Operational Creditor) filed a petition against M/s Manas Vyapar Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a default of Rs. 1,00,00,000/-. The Operational Creditor claimed that it had entered into an oral agreement with the Corporate Debtor for an "Operation and Management" Contract for a windmill project in Village Gorera, Rajasthan. On 21.03.2008, the Operational Creditor advanced Rs. 1,00,00,000/- to the Corporate Debtor. However, the agreement was never executed. The Corporate Debtor reflected the advance in its financial statements under the head 'Advance Received Against Project to be implemented' until 2017-2018, after which it started writing off Rs.
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The case involves a Company Petition (IB)-1139(MB)/C-III/2022 filed by M/s Kataria Infrastructure Corporation (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Manas Vyapar Private Limited (Corporate Debtor) for resolving a default in repayment of an operational debt of Rs. 1,00,00,000/-. The Operational Creditor claimed to have entered into an oral agreement with the Corporate Debtor for an "Operation and Management" Contract for a windmill, advancing Rs. 1,00,00,000/- on 21.03.2008, which was never executed. The Corporate Debtor acknowledged the advance in its financial statements until 2017-2018 but later started writing it off. The Operational Creditor issued a demand notice on 20.06.2022, which went unanswered.
M/s Kataria Infrastructure Corporation (Operational Creditor) filed a petition against M/s Manas Vyapar Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a default of Rs. 1,00,00,000/-. The Operational Creditor claimed that it had entered into an oral agreement with the Corporate Debtor for an "Operation and Management" Contract for a windmill project in Village Gorera, Rajasthan. On 21.03.2008, the Operational Creditor advanced Rs. 1,00,00,000/- to the Corporate Debtor. However, the agreement was never executed. The Corporate Debtor reflected the advance in its financial statements under the head 'Advance Received Against Project to be implemented' until 2017-2018, after which it started writing off Rs.
…Operational Creditor…
Corporate Debtor…