This case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Venture Supply Chain Pvt. Ltd. (Operational Creditor) against M/s. Metropolis Logistics Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs 41,01,77,786/- based on unpaid invoices for transportation services provided to the Corporate Debtor. The Corporate Debtor acknowledged the debt but cited financial difficulties and a fire incident as reasons for non-payment.
M/s. Venture Supply Chain Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Metropolis Logistics Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor is engaged in providing commercial cargo vehicles for hire and transportation services. The Corporate Debtor is a company engaged in similar business. The parties entered into an agreement dated 01.05.2019 for transportation services. The Operational Creditor raised invoices for services provided between 31.03.2023 and 30.06.2024. The Corporate Debtor defaulted on payments, leading to a total outstanding debt of Rs 41,01,77,786/- as of 30.07.2024. The Operational Creditor
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This case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Venture Supply Chain Pvt. Ltd. (Operational Creditor) against M/s. Metropolis Logistics Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs 41,01,77,786/- based on unpaid invoices for transportation services provided to the Corporate Debtor. The Corporate Debtor acknowledged the debt but cited financial difficulties and a fire incident as reasons for non-payment.
M/s. Venture Supply Chain Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Metropolis Logistics Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor is engaged in providing commercial cargo vehicles for hire and transportation services. The Corporate Debtor is a company engaged in similar business. The parties entered into an agreement dated 01.05.2019 for transportation services. The Operational Creditor raised invoices for services provided between 31.03.2023 and 30.06.2024. The Corporate Debtor defaulted on payments, leading to a total outstanding debt of Rs 41,01,77,786/- as of 30.07.2024. The Operational Creditor
…The Operational Creditor and Corporate…
Start date of the…