TLG India Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Puranik Builders Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to pay an outstanding amount of ₹86,46,617/- along with interest, totaling ₹1,25,02,171/-. The Operational Creditor claimed that it rendered advertising and marketing services to the Corporate Debtor, who failed to make payments for the invoices issued.
TLG India Private Limited (Operational Creditor) provided advertising and marketing services to Puranik Builders Limited (Corporate Debtor). The Corporate Debtor failed to pay invoices totaling ₹86,46,617/-. The Operational Creditor claimed an additional ₹38,55,554/- in interest, bringing the total claim to ₹1,25,02,171/-. The invoices issued by the Operational Creditor from February 2019 to September 2019 included a stipulation for interest at 24% p.a. on delayed payments. The last invoice fell due on 25.10.2019. The Operational Creditor sent a demand notice on 23.02.2021. The Corporate Debtor replied on 16.03.2021, denying the debt and disputing the interest. The Corporate Debtor discontinued retainership services with the Operational Creditor in August 2019 but
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Puranik Builders…
Invoices issu…
TLG India Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Puranik Builders Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to pay an outstanding amount of ₹86,46,617/- along with interest, totaling ₹1,25,02,171/-. The Operational Creditor claimed that it rendered advertising and marketing services to the Corporate Debtor, who failed to make payments for the invoices issued.
TLG India Private Limited (Operational Creditor) provided advertising and marketing services to Puranik Builders Limited (Corporate Debtor). The Corporate Debtor failed to pay invoices totaling ₹86,46,617/-. The Operational Creditor claimed an additional ₹38,55,554/- in interest, bringing the total claim to ₹1,25,02,171/-. The invoices issued by the Operational Creditor from February 2019 to September 2019 included a stipulation for interest at 24% p.a. on delayed payments. The last invoice fell due on 25.10.2019. The Operational Creditor sent a demand notice on 23.02.2021. The Corporate Debtor replied on 16.03.2021, denying the debt and disputing the interest. The Corporate Debtor discontinued retainership services with the Operational Creditor in August 2019 but
…Puranik Builders…
Invoices issu…