The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. Ranjit Agencies, represented by its proprietor J. James Sebastian Ranjit, against M/s. P.S.T.S Logistics Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on a payment of Rs. 1,34,01,750/- for manpower services provided in 2020 at the Karaikal port. The Corporate Debtor failed to remit the payment despite receiving funds from the Karaikal port and issuing an acknowledgment letter promising payment.
M/s. Ranjit Agencies, the Operational Creditor, filed an application under Section 9 of the IBC against M/s. P.S.T.S Logistics Private Limited, the Corporate Debtor. The claim arose from unpaid invoices for manpower services provided by the Operational Creditor at the Karaikal port in 2020. The amount due was Rs. 1,34,01,750/-. An agreement was entered into on 2020-06-01 for the supply of staff and laborers. The Corporate Debtor initially promised to pay after receiving funds from the Karaikal port, but later promised to pay directly. Despite receiving payment from the Karaikal port, the Corporate Debtor failed to pay the Operational Creditor. The Operational Creditor issued an invoice on 2023-05-19 and a demand notice on 2023-06-12, which was received by the Corporate
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The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. Ranjit Agencies, represented by its proprietor J. James Sebastian Ranjit, against M/s. P.S.T.S Logistics Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on a payment of Rs. 1,34,01,750/- for manpower services provided in 2020 at the Karaikal port. The Corporate Debtor failed to remit the payment despite receiving funds from the Karaikal port and issuing an acknowledgment letter promising payment.
M/s. Ranjit Agencies, the Operational Creditor, filed an application under Section 9 of the IBC against M/s. P.S.T.S Logistics Private Limited, the Corporate Debtor. The claim arose from unpaid invoices for manpower services provided by the Operational Creditor at the Karaikal port in 2020. The amount due was Rs. 1,34,01,750/-. An agreement was entered into on 2020-06-01 for the supply of staff and laborers. The Corporate Debtor initially promised to pay after receiving funds from the Karaikal port, but later promised to pay directly. Despite receiving payment from the Karaikal port, the Corporate Debtor failed to pay the Operational Creditor. The Operational Creditor issued an invoice on 2023-05-19 and a demand notice on 2023-06-12, which was received by the Corporate
…Petitioner and Respondent company entered into…
The petition w…