M/s. Spacewood Furnishers Pvt. Ltd., the Applicant/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. Prateek Infraprojects India Private Limited, the Respondent/Corporate Debtor. The application was based on the Corporate Debtor's alleged default in clearing an outstanding amount of Rs. 2,26,10,512/- along with interest at 18% per annum, with the date of default being 02.02.2020. The Operational Creditor claimed that the Corporate Debtor had ordered materials for its real estate projects, leading to a contract. The Corporate Debtor issued purchase orders, which the Operational Creditor accepted, and subsequently issued tax invoices for the

M/s. Spacewood Furnishers Pvt. Ltd., the Applicant/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. Prateek Infraprojects India Private Limited, the Respondent/Corporate Debtor. The application was based on the Corporate Debtor's alleged default in clearing an outstanding amount of Rs. 2,26,10,512/- along with interest at 18% per annum, with the date of default being 02.02.2020. The Operational Creditor claimed that the Corporate Debtor had ordered materials for its real estate projects, leading to a contract. The Corporate Debtor issued purchase orders, which the Operational Creditor accepted, and subsequently issued tax invoices for the