The case involves a petition filed by Vardhman Cable & Conductors, an operational creditor, against Shrinivas Electricals GTD Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt amounting to Rs. 25,90,60,759.24, comprising a principal amount of Rs. 13,84,69,658 and interest of Rs. 12,05,91,101.24. The operational creditor issued a demand notice under Section 8(1) of the IBC on July 8, 2021, to which the corporate debtor replied on July 14, 2021, acknowledging the outstanding dues but failing to make any payments.
Vardhman Cable & Conductors, an operational creditor, filed a company petition against Shrinivas Electricals GTD Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a default of Rs. 25,90,60,759.24, including a principal amount of Rs. 13,84,69,658 and interest of Rs. 12,05,91,101.24, based on invoices for purchase orders issued by the corporate debtor. A demand notice under Section 8(1) of the IBC was issued on July 8, 2021, and received by the corporate debtor, who replied on July 14, 2021, acknowledging the outstanding dues but failing to make any payments. The corporate debtor admitted the claim of the operational
…Sign in to view the parties.
The Operational Creditor issued a demand…
The Corporate Debtor replied to the demand…
The case involves a petition filed by Vardhman Cable & Conductors, an operational creditor, against Shrinivas Electricals GTD Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt amounting to Rs. 25,90,60,759.24, comprising a principal amount of Rs. 13,84,69,658 and interest of Rs. 12,05,91,101.24. The operational creditor issued a demand notice under Section 8(1) of the IBC on July 8, 2021, to which the corporate debtor replied on July 14, 2021, acknowledging the outstanding dues but failing to make any payments.
Vardhman Cable & Conductors, an operational creditor, filed a company petition against Shrinivas Electricals GTD Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a default of Rs. 25,90,60,759.24, including a principal amount of Rs. 13,84,69,658 and interest of Rs. 12,05,91,101.24, based on invoices for purchase orders issued by the corporate debtor. A demand notice under Section 8(1) of the IBC was issued on July 8, 2021, and received by the corporate debtor, who replied on July 14, 2021, acknowledging the outstanding dues but failing to make any payments. The corporate debtor admitted the claim of the operational
…The Operational Creditor issued a demand…
The Corporate Debtor replied to the demand…