Balaji Formalin Private Limited, the Operational Creditor/Petitioner, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mega Process Technology Private Limited, the Respondent/Corporate Debtor, for non-payment of an operational debt of Rs. 1,26,96,800/-. The Operational Creditor had provided services to the Corporate Debtor for project identification and local assistance for a diary project. The Corporate Debtor acknowledged the debt through balance confirmations and email correspondence requesting an extension of the payment deadline, citing internal management problems and financial constraints.
Balaji Formalin Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mega Process Technology Private Limited (Corporate Debtor) for non-payment of an operational debt amounting to Rs. 1,26,96,800/-. The debt arose from services provided by the Operational Creditor for project identification and local assistance for a diary project of Panchmahal District Co-operative Milk Producers Union Limited (PDCMPUL) under an association agreement dated 2015-10-03, where the Operational Creditor was to receive a 5% commission. Invoices were raised on 2018-01-23. The Corporate Debtor acknowledged the debt through balance confirmations for the years 2017-18, 2020-21, and 2021-22, and requested an extension for
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Association agreement between the Operational…
Invoices raised by the…
Balaji Formalin Private Limited, the Operational Creditor/Petitioner, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mega Process Technology Private Limited, the Respondent/Corporate Debtor, for non-payment of an operational debt of Rs. 1,26,96,800/-. The Operational Creditor had provided services to the Corporate Debtor for project identification and local assistance for a diary project. The Corporate Debtor acknowledged the debt through balance confirmations and email correspondence requesting an extension of the payment deadline, citing internal management problems and financial constraints.
Balaji Formalin Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mega Process Technology Private Limited (Corporate Debtor) for non-payment of an operational debt amounting to Rs. 1,26,96,800/-. The debt arose from services provided by the Operational Creditor for project identification and local assistance for a diary project of Panchmahal District Co-operative Milk Producers Union Limited (PDCMPUL) under an association agreement dated 2015-10-03, where the Operational Creditor was to receive a 5% commission. Invoices were raised on 2018-01-23. The Corporate Debtor acknowledged the debt through balance confirmations for the years 2017-18, 2020-21, and 2021-22, and requested an extension for
…Association agreement between the Operational…
Invoices raised by the…