The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Woodpeckers India Private Limited (the applicant/operational creditor) to initiate the Corporate Insolvency Resolution Process against M/s. MK Furncraft Private Limited (the respondent/corporate debtor). The corporate debtor allegedly demanded various decorative wood items from the operational creditor between March 6, 2009, and June 2014, for which the applicant raised invoices. The applicant sent a demand notice under Section 8 of the Code on November 27, 2019, for Rs. 46,99,691/-. The corporate debtor acknowledged the debt in its balance sheets for the financial years ending 2016 and 2017.
Woodpeckers India Pvt. Ltd. (operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. MK Furncraft Private Limited (corporate debtor). The operational creditor claimed that the corporate debtor demanded decorative wood items between March 6, 2009, and June 2014, raising invoices for the same. A demand notice was sent on November 27, 2019, for Rs. 46,99,691/-. The corporate debtor admitted liability to the extent of Rs. 46,99,691/- in its books of accounts but failed to make the payment. The last payment of Rs. 1,50,000/- was made on July 19, 2016. The corporate debtor acknowledged the dues in its balance sheet and auditor's report for the period ending March 31, 2016, and in the balance sheet for the year
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The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Woodpeckers India Private Limited (the applicant/operational creditor) to initiate the Corporate Insolvency Resolution Process against M/s. MK Furncraft Private Limited (the respondent/corporate debtor). The corporate debtor allegedly demanded various decorative wood items from the operational creditor between March 6, 2009, and June 2014, for which the applicant raised invoices. The applicant sent a demand notice under Section 8 of the Code on November 27, 2019, for Rs. 46,99,691/-. The corporate debtor acknowledged the debt in its balance sheets for the financial years ending 2016 and 2017.
Woodpeckers India Pvt. Ltd. (operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. MK Furncraft Private Limited (corporate debtor). The operational creditor claimed that the corporate debtor demanded decorative wood items between March 6, 2009, and June 2014, raising invoices for the same. A demand notice was sent on November 27, 2019, for Rs. 46,99,691/-. The corporate debtor admitted liability to the extent of Rs. 46,99,691/- in its books of accounts but failed to make the payment. The last payment of Rs. 1,50,000/- was made on July 19, 2016. The corporate debtor acknowledged the dues in its balance sheet and auditor's report for the period ending March 31, 2016, and in the balance sheet for the year
…The corporate debtor…
The period during which the corporate debtor…