The case involves a petition filed by Kumkang Kind Co. Limited (Operational Creditor) against Simplex Infrastructures Limited (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 total outstanding debt of USD 2,59,718.90, equivalent to INR 1,91,36,737.85, with the date of default being 26.02.2020. The matter progressed through several hearings and orders, including directions for filing affidavits regarding settlement and payment details.
Kumkang Kind Co. Limited (Operational Creditor) filed a petition against Simplex Infrastructures Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claimed debt was USD 2,59,718.90 (INR 1,91,36,737.85), with a default date of 26.02.2020. A settlement agreement was reached between the parties on 15.07.2021, stipulating that the Corporate Debtor would pay INR 1,91,36,737.85 in three installments. The Corporate Debtor made payments totaling Rs. 2,10,00,000. The Corporate Debtor filed an affidavit dated September 14, 2023, detailing the payments. The Operational Creditor initially sought to withdraw the petition based on the settlement. However, discrepancies arose regarding the completion of payments,
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The date of default on the debt owed by Simplex…
Demand Notice dated 26.10.2020 under Section…
The case involves a petition filed by Kumkang Kind Co. Limited (Operational Creditor) against Simplex Infrastructures Limited (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 total outstanding debt of USD 2,59,718.90, equivalent to INR 1,91,36,737.85, with the date of default being 26.02.2020. The matter progressed through several hearings and orders, including directions for filing affidavits regarding settlement and payment details.
Kumkang Kind Co. Limited (Operational Creditor) filed a petition against Simplex Infrastructures Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claimed debt was USD 2,59,718.90 (INR 1,91,36,737.85), with a default date of 26.02.2020. A settlement agreement was reached between the parties on 15.07.2021, stipulating that the Corporate Debtor would pay INR 1,91,36,737.85 in three installments. The Corporate Debtor made payments totaling Rs. 2,10,00,000. The Corporate Debtor filed an affidavit dated September 14, 2023, detailing the payments. The Operational Creditor initially sought to withdraw the petition based on the settlement. However, discrepancies arose regarding the completion of payments,
…The date of default on the debt owed by Simplex…
Demand Notice dated 26.10.2020 under Section…