The case originates from a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Arvinder Singh, an Operational Creditor, against M/s Sanmati Distributors Private Limited, the Corporate Debtor. The Operational Creditor provided auditing services to the Corporate Debtor from 2015-2016. The Corporate Debtor failed to make regular payments, leading to outstanding audit fees. After repeated requests, only a partial payment was made. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, due to the Corporate Debtor's failure to pay the outstanding dues.
Arvinder Singh, operating as M/s A.B. Singh & Associates, provided auditing services to M/s Sanmati Distributors Private Limited from 2015-2016. Invoices were raised for the audit fees for the financial years 2015-16, 2016-17, 2017-18, and 2018-19. The Corporate Debtor made a partial payment of Rs. 41,500 in March 2019. The outstanding audit fee amounted to Rs. 3,58,500. The Operational Creditor issued a demand notice dated 21st August, 2019, under Section 8 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor acknowledged the debt in a letter dated 5th September, 2019, citing financial difficulties. The Corporate Debtor failed to clear the outstanding dues, leading the Operational Creditor to file a Company Petition under Section 9 of the IBC, 2016.
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Operational Creditor engaged by Corporate…
Corporate Debto…
The case originates from a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Arvinder Singh, an Operational Creditor, against M/s Sanmati Distributors Private Limited, the Corporate Debtor. The Operational Creditor provided auditing services to the Corporate Debtor from 2015-2016. The Corporate Debtor failed to make regular payments, leading to outstanding audit fees. After repeated requests, only a partial payment was made. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, due to the Corporate Debtor's failure to pay the outstanding dues.
Arvinder Singh, operating as M/s A.B. Singh & Associates, provided auditing services to M/s Sanmati Distributors Private Limited from 2015-2016. Invoices were raised for the audit fees for the financial years 2015-16, 2016-17, 2017-18, and 2018-19. The Corporate Debtor made a partial payment of Rs. 41,500 in March 2019. The outstanding audit fee amounted to Rs. 3,58,500. The Operational Creditor issued a demand notice dated 21st August, 2019, under Section 8 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor acknowledged the debt in a letter dated 5th September, 2019, citing financial difficulties. The Corporate Debtor failed to clear the outstanding dues, leading the Operational Creditor to file a Company Petition under Section 9 of the IBC, 2016.
Operational Creditor engaged by Corporate…
Corporate Debto…