Repro India Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Nexrise Publications Private Limited, the corporate debtor, due to outstanding debt. The operational creditor claimed that the corporate debtor defaulted on payments for printing and fulfillment of books, as per an agreement dated 27.08.2019. Despite multiple communications and payment plans, the corporate debtor failed to clear the dues, leading to the filing of the petition.
Repro India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Nexrise Publications Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into an agreement dated 27.08.2019 for printing and fulfillment of books. The Operational Creditor raised invoices from 15.10.2019 to 02.06.2021 amounting to Rs.3,31,51,765/-, out of which the Corporate Debtor paid Rs.61,38,106/-. The Corporate Debtor defaulted on payments as per the agreed schedule. The last date of default was 31.08.2021. The Corporate Debtor acknowledged the debt and interest due in an email dated 30.12.2021, and proposed a pay-out plan from July 2021
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Operational Creditor and Corporate Debtor…
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Repro India Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Nexrise Publications Private Limited, the corporate debtor, due to outstanding debt. The operational creditor claimed that the corporate debtor defaulted on payments for printing and fulfillment of books, as per an agreement dated 27.08.2019. Despite multiple communications and payment plans, the corporate debtor failed to clear the dues, leading to the filing of the petition.
Repro India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Nexrise Publications Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into an agreement dated 27.08.2019 for printing and fulfillment of books. The Operational Creditor raised invoices from 15.10.2019 to 02.06.2021 amounting to Rs.3,31,51,765/-, out of which the Corporate Debtor paid Rs.61,38,106/-. The Corporate Debtor defaulted on payments as per the agreed schedule. The last date of default was 31.08.2021. The Corporate Debtor acknowledged the debt and interest due in an email dated 30.12.2021, and proposed a pay-out plan from July 2021
…Operational Creditor and Corporate Debtor…
Start date of the…