Redhex IT Solutions Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SNS Laboratories Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on a payment of Rs. 6,49,000/- (inclusive of interest) for the supply of payroll software. The default occurred on 16.06.2019. The Adjudicating Authority issued a notice to the corporate debtor to show cause why the petition should not be admitted.
Redhex IT Solutions Private Limited (Operational Creditor) supplied payroll software to SNS Laboratories Limited (Corporate Debtor). Invoices were raised and duly received. The Corporate Debtor defaulted on a payment of Rs. 6,49,000/-, inclusive of 12% interest p.a., with the default occurring on 16.06.2019. The Operational Creditor issued a demand notice on 29.10.2019, which was duly served. The Corporate Debtor did not reply to the demand notice. The Corporate Debtor admitted the debt but claimed financial unviability. The application was filed on 01.10.2019. The debt and default were above the threshold limit of one lakh rupees (prior to the amendment). The Corporate Debtor failed to make payment of the amount due as mentioned in the statutory notice.
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SNS Laboratories…
The Corporate Debtor…
Redhex IT Solutions Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SNS Laboratories Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on a payment of Rs. 6,49,000/- (inclusive of interest) for the supply of payroll software. The default occurred on 16.06.2019. The Adjudicating Authority issued a notice to the corporate debtor to show cause why the petition should not be admitted.
Redhex IT Solutions Private Limited (Operational Creditor) supplied payroll software to SNS Laboratories Limited (Corporate Debtor). Invoices were raised and duly received. The Corporate Debtor defaulted on a payment of Rs. 6,49,000/-, inclusive of 12% interest p.a., with the default occurring on 16.06.2019. The Operational Creditor issued a demand notice on 29.10.2019, which was duly served. The Corporate Debtor did not reply to the demand notice. The Corporate Debtor admitted the debt but claimed financial unviability. The application was filed on 01.10.2019. The debt and default were above the threshold limit of one lakh rupees (prior to the amendment). The Corporate Debtor failed to make payment of the amount due as mentioned in the statutory notice.
SNS Laboratories…
The Corporate Debtor…