M/s Index Logistics Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against No.1 World Wide Express Pvt. Ltd., the corporate debtor, for non-payment of operational debt. The operational creditor claimed that the corporate debtor approached them for business, gained their trust, and then defaulted on payments. The corporate debtor initially admitted to the debt liability but later failed to make payments as agreed. The operational creditor issued a statutory demand notice, but the corporate debtor remained unresponsive. An earlier petition (CP(IB) 518/ND/2021) was withdrawn based on a settlement agreement, but the corporate debtor
…M/s Index Logistics Private Limited (Operational Creditor) provided airfreight/express logistics services to No.1 World Wide Express Pvt. Ltd. (Corporate Debtor). The Corporate Debtor, through its Director Gaurav Kwatra, approached the Operational Creditor for business. After gaining the Operational Creditor's trust, the Corporate Debtor allegedly started defaulting on payments. As of the end of financial year 2019-20, the amount due was Rs. 1,99,30,406/-. The Corporate Debtor acknowledged a debt liability of Rs. 1,95,12,839/- in a balance confirmation letter dated 22.04.2019. The Corporate Debtor issued cheques between 10.08.2020 and 12.10.2020, which were later dishonored. The Operational Creditor issued a statutory demand notice on 05.08.2020 under Section 8 of IBC,
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The Insolven…
The Corporate Debtor started defaulting on…
M/s Index Logistics Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against No.1 World Wide Express Pvt. Ltd., the corporate debtor, for non-payment of operational debt. The operational creditor claimed that the corporate debtor approached them for business, gained their trust, and then defaulted on payments. The corporate debtor initially admitted to the debt liability but later failed to make payments as agreed. The operational creditor issued a statutory demand notice, but the corporate debtor remained unresponsive. An earlier petition (CP(IB) 518/ND/2021) was withdrawn based on a settlement agreement, but the corporate debtor
…M/s Index Logistics Private Limited (Operational Creditor) provided airfreight/express logistics services to No.1 World Wide Express Pvt. Ltd. (Corporate Debtor). The Corporate Debtor, through its Director Gaurav Kwatra, approached the Operational Creditor for business. After gaining the Operational Creditor's trust, the Corporate Debtor allegedly started defaulting on payments. As of the end of financial year 2019-20, the amount due was Rs. 1,99,30,406/-. The Corporate Debtor acknowledged a debt liability of Rs. 1,95,12,839/- in a balance confirmation letter dated 22.04.2019. The Corporate Debtor issued cheques between 10.08.2020 and 12.10.2020, which were later dishonored. The Operational Creditor issued a statutory demand notice on 05.08.2020 under Section 8 of IBC,
…The Insolven…
The Corporate Debtor started defaulting on…