M/s Sterling Associates, 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 M/s Pratap Fiber Communications Private Limited, the corporate debtor, due to non-payment of operational dues amounting to Rs. 99,82,304 along with interest. The corporate debtor argued that the outstanding principal amount was below the minimum threshold of Rs. 1 crore as stipulated under Section 4 of the IBC and that there was a pre-existing dispute regarding the quality of work. The applicant claimed that the unpaid operational debt, including interest, exceeded the threshold limit and that there was no pre-existing dispute.
M/s Sterling Associates (Operational Creditor) filed an application to initiate CIRP against M/s Pratap Fiber Communications Private Limited (Corporate Debtor) for non-payment of operational dues. The Corporate Debtor was engaged in laying optical fiber transmission lines. The alleged default amounted to Rs. 99,82,304/- plus interest. The Corporate Debtor argued that the principal amount was below the Rs. 1 crore threshold and that there was a pre-existing dispute regarding the quality of work. The Corporate Debtor had sent emails to the Operational Creditor complaining about the pathetic progress of the work, informing them of a miserable failure in the progress, and stating that the duct was being damaged. The Operational Creditor claimed that the debt, including
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M/s Pratap Fiber Communications Private…
The debt has fa…
M/s Sterling Associates, 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 M/s Pratap Fiber Communications Private Limited, the corporate debtor, due to non-payment of operational dues amounting to Rs. 99,82,304 along with interest. The corporate debtor argued that the outstanding principal amount was below the minimum threshold of Rs. 1 crore as stipulated under Section 4 of the IBC and that there was a pre-existing dispute regarding the quality of work. The applicant claimed that the unpaid operational debt, including interest, exceeded the threshold limit and that there was no pre-existing dispute.
M/s Sterling Associates (Operational Creditor) filed an application to initiate CIRP against M/s Pratap Fiber Communications Private Limited (Corporate Debtor) for non-payment of operational dues. The Corporate Debtor was engaged in laying optical fiber transmission lines. The alleged default amounted to Rs. 99,82,304/- plus interest. The Corporate Debtor argued that the principal amount was below the Rs. 1 crore threshold and that there was a pre-existing dispute regarding the quality of work. The Corporate Debtor had sent emails to the Operational Creditor complaining about the pathetic progress of the work, informing them of a miserable failure in the progress, and stating that the duct was being damaged. The Operational Creditor claimed that the debt, including
…M/s Pratap Fiber Communications Private…
The debt has fa…