The case involves an application filed by M/s. Montage Enterprises Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Neemsar Vyapaar Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 7,33,96,416.98/-, which includes a principal amount of Rs. 6,74,28,927/- and interest amounting to Rs. 59,67,489.98/- at 18% per annum. The Operational Creditor and Corporate Debtor had entered into a 'Goods Sale and Purchase Agreement' dated 19.09.2019, where the Operational Creditor was to supply goods to the Corporate Debtor. The Corporate Debtor started defaulting on payments since 24.11.2021.
M/s. Montage Enterprises Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Neemsar Vyapaar Private Limited (Corporate Debtor). The application was based on a default in payment of Rs. 7,33,96,416.98/-, including a principal amount of Rs. 6,74,28,927/- and interest of Rs. 59,67,489.98/- at 18% per annum. The Operational Creditor and Corporate Debtor had a 'Goods Sale and Purchase Agreement' dated 19.09.2019. The Corporate Debtor started defaulting on payments since 24.11.2021. The Operational Creditor issued a demand notice on 12.09.2022, received by the Corporate Debtor on 14.09.2022. The Corporate Debtor replied on 20.09.2022,
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Operational Creditor and Corporate Debtor…
Corporate Debtor…
The case involves an application filed by M/s. Montage Enterprises Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Neemsar Vyapaar Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 7,33,96,416.98/-, which includes a principal amount of Rs. 6,74,28,927/- and interest amounting to Rs. 59,67,489.98/- at 18% per annum. The Operational Creditor and Corporate Debtor had entered into a 'Goods Sale and Purchase Agreement' dated 19.09.2019, where the Operational Creditor was to supply goods to the Corporate Debtor. The Corporate Debtor started defaulting on payments since 24.11.2021.
M/s. Montage Enterprises Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Neemsar Vyapaar Private Limited (Corporate Debtor). The application was based on a default in payment of Rs. 7,33,96,416.98/-, including a principal amount of Rs. 6,74,28,927/- and interest of Rs. 59,67,489.98/- at 18% per annum. The Operational Creditor and Corporate Debtor had a 'Goods Sale and Purchase Agreement' dated 19.09.2019. The Corporate Debtor started defaulting on payments since 24.11.2021. The Operational Creditor issued a demand notice on 12.09.2022, received by the Corporate Debtor on 14.09.2022. The Corporate Debtor replied on 20.09.2022,
…Operational Creditor and Corporate Debtor…
Corporate Debtor…