M/s. Kumar Electronics, an 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 defaulting on a debt 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. The operational creditor issued a demand notice on 13.05.2022. The corporate debtor cited financial difficulties due to the Covid-19 pandemic and had also availed credit facilities from various banks.
M/s. Kumar Electronics (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Sargam India Electronics Private Limited (Corporate Debtor). The claim was for a debt of Rs. 3,52,34,840/- plus interest of Rs. 76,40,098/-, totaling Rs. 4,28,74,938/-. Frequent business dealings occurred between the parties since 2010. The Operational Creditor maintained a running account. The Corporate Debtor acknowledged a liability of Rs. 2,39,31,920/- as of 31.03.2022. A demand notice was issued on 13.05.2022. The Corporate Debtor cited financial difficulties due to the Covid-19 pandemic in 2020. The Corporate Debtor had availed credit facilities from Union Bank of India, ICICI Bank, State Bank of India, and
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Frequent business dealings commenced between…
Government of India…
M/s. Kumar Electronics, an 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 defaulting on a debt 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. The operational creditor issued a demand notice on 13.05.2022. The corporate debtor cited financial difficulties due to the Covid-19 pandemic and had also availed credit facilities from various banks.
M/s. Kumar Electronics (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Sargam India Electronics Private Limited (Corporate Debtor). The claim was for a debt of Rs. 3,52,34,840/- plus interest of Rs. 76,40,098/-, totaling Rs. 4,28,74,938/-. Frequent business dealings occurred between the parties since 2010. The Operational Creditor maintained a running account. The Corporate Debtor acknowledged a liability of Rs. 2,39,31,920/- as of 31.03.2022. A demand notice was issued on 13.05.2022. The Corporate Debtor cited financial difficulties due to the Covid-19 pandemic in 2020. The Corporate Debtor had availed credit facilities from Union Bank of India, ICICI Bank, State Bank of India, and
…Frequent business dealings commenced between…
Government of India…