The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Geo Source (Operational Creditor) against M/s Phular Construction Co. (Pvt.) Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed that it had a long-standing business relationship with the Corporate Debtor, supplying Geo Bags and rope Gabian against purchase orders. The Corporate Debtor allegedly failed to pay for the goods supplied, leading to the application for CIRP.
M/s Geo Source (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Phular Construction Co. (Pvt.) Ltd. (Corporate Debtor) for unpaid operational debt. The Operational Creditor claimed a long-standing business relationship, supplying Geo Bags and rope Gabian against purchase orders. Six tax invoices were raised totaling Rs. 38,14,200, with the last goods supplied on 24.05.2018. The last payment received from the Corporate Debtor was Rs. 7,35,800 against Tax Invoice No. 255 dated 26th March, 2019. After adjustment, Rs. 34,90,318 (principal amount) remained unpaid. The Operational Creditor sent a demand notice on 7th August, 2019, demanding the outstanding amount. The Corporate Debtor replied on 16.09.2019,
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Last goods were…
Last payment of Rs. 7,35,800 was received from…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Geo Source (Operational Creditor) against M/s Phular Construction Co. (Pvt.) Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed that it had a long-standing business relationship with the Corporate Debtor, supplying Geo Bags and rope Gabian against purchase orders. The Corporate Debtor allegedly failed to pay for the goods supplied, leading to the application for CIRP.
M/s Geo Source (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Phular Construction Co. (Pvt.) Ltd. (Corporate Debtor) for unpaid operational debt. The Operational Creditor claimed a long-standing business relationship, supplying Geo Bags and rope Gabian against purchase orders. Six tax invoices were raised totaling Rs. 38,14,200, with the last goods supplied on 24.05.2018. The last payment received from the Corporate Debtor was Rs. 7,35,800 against Tax Invoice No. 255 dated 26th March, 2019. After adjustment, Rs. 34,90,318 (principal amount) remained unpaid. The Operational Creditor sent a demand notice on 7th August, 2019, demanding the outstanding amount. The Corporate Debtor replied on 16.09.2019,
…Last goods were…
Last payment of Rs. 7,35,800 was received from…