M/s. Kumar Electronics, the 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. Sargam India Electronics Private Limited, the corporate debtor, for a default of Rs. 3,52,34,840/- along with interest of Rs. 76,40,098/-. The operational creditor and corporate debtor had frequent business dealings since 2010. The corporate debtor acknowledged its liability of Rs. 2,39,31,920/- as on 31.03.2022 and assured payment. A demand notice was issued on 13.05.2022. The corporate debtor cited financial difficulties due to the Covid-19 pandemic and had availed various credit facilities from multiple banks.
M/s. Kumar Electronics (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sargam India Electronics Private Limited (Corporate Debtor) for a default of Rs. 3,52,34,840/- along with interest of Rs. 76,40,098/-. The Operational Creditor and Corporate Debtor had frequent business dealings since 2010. The Operational Creditor maintained a running account of the Corporate Debtor. The Corporate Debtor acknowledged its liability of Rs. 2,39,31,920/- as on 31.03.2022 and assured payment. A demand notice was issued on 13.05.2022. The Corporate Debtor cited financial difficulties due to the Covid-19 pandemic and had availed various credit facilities from
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Frequent business dealings commenced between…
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M/s. Kumar Electronics, the 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. Sargam India Electronics Private Limited, the corporate debtor, for a default of Rs. 3,52,34,840/- along with interest of Rs. 76,40,098/-. The operational creditor and corporate debtor had frequent business dealings since 2010. The corporate debtor acknowledged its liability of Rs. 2,39,31,920/- as on 31.03.2022 and assured payment. A demand notice was issued on 13.05.2022. The corporate debtor cited financial difficulties due to the Covid-19 pandemic and had availed various credit facilities from multiple banks.
M/s. Kumar Electronics (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sargam India Electronics Private Limited (Corporate Debtor) for a default of Rs. 3,52,34,840/- along with interest of Rs. 76,40,098/-. The Operational Creditor and Corporate Debtor had frequent business dealings since 2010. The Operational Creditor maintained a running account of the Corporate Debtor. The Corporate Debtor acknowledged its liability of Rs. 2,39,31,920/- as on 31.03.2022 and assured payment. A demand notice was issued on 13.05.2022. The Corporate Debtor cited financial difficulties due to the Covid-19 pandemic and had availed various credit facilities from
…Frequent business dealings commenced between…
Government of India…