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 had duped them after gaining their trust and failed to pay the due amount of Rs. 2,80,74,618/-, which included principal and interest. The corporate debtor had previously issued cheques that were dishonored. An earlier company petition filed by the operational creditor was withdrawn based on a settlement agreement, but the corporate debtor failed to adhere to the terms of the settlement.
M/s Index Logistics Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against No.1 World Wide Express Pvt. Ltd. (Corporate Debtor) for non-payment of operational debt amounting to Rs. 2,80,74,618/-. The debt comprised a principal amount of Rs. 1,76,11,143.07/- and interest of Rs. 1,04,63,475/-. The Operational Creditor alleged that the Corporate Debtor approached them for airfreight/express logistics business and subsequently defaulted on payments. The Corporate Debtor issued a balance confirmation letter on 22.04.2019 admitting a debt liability of Rs. 1,95,12,839/-. The Corporate Debtor issued cheques between 10.08.2020 and 12.10.2020, which were later dishonored. The Operational Creditor issued a
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The Insolven…
Operational Creditor…
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 had duped them after gaining their trust and failed to pay the due amount of Rs. 2,80,74,618/-, which included principal and interest. The corporate debtor had previously issued cheques that were dishonored. An earlier company petition filed by the operational creditor was withdrawn based on a settlement agreement, but the corporate debtor failed to adhere to the terms of the settlement.
M/s Index Logistics Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against No.1 World Wide Express Pvt. Ltd. (Corporate Debtor) for non-payment of operational debt amounting to Rs. 2,80,74,618/-. The debt comprised a principal amount of Rs. 1,76,11,143.07/- and interest of Rs. 1,04,63,475/-. The Operational Creditor alleged that the Corporate Debtor approached them for airfreight/express logistics business and subsequently defaulted on payments. The Corporate Debtor issued a balance confirmation letter on 22.04.2019 admitting a debt liability of Rs. 1,95,12,839/-. The Corporate Debtor issued cheques between 10.08.2020 and 12.10.2020, which were later dishonored. The Operational Creditor issued a
…The Insolven…
Operational Creditor…