Stanco Solutions Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Peel Works Private Limited, the Corporate Debtor (CD), due to unpaid operational debt. The Applicant provided staffing and payroll management services to the CD under a Service Agreement dated 01.09.2023. The CD failed to make payments for the services rendered, leading to the filing of the application.
Stanco Solutions Private Limited (Operational Creditor) provided staffing and payroll management services to Peel Works Private Limited (Corporate Debtor) under a Service Agreement dated 01.09.2023. The Corporate Debtor defaulted on payments for these services. As of 10.07.2024, six invoices were outstanding, totaling Rs. 1,19,64,937. Additionally, interest for delayed payments on earlier invoices was not paid, amounting to Rs. 67,853.39, and interest on unpaid invoices till 10.07.2024 amounted to Rs. 7,05,931. The total default amount claimed by the Applicant was Rs. 1,27,38,722 as of 10.07.2024, inclusive of interest. The Operational Creditor issued a Demand Notice dated 10.07.2024, which the Corporate Debtor failed to respond to. The first date of default was
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Service Agreement executed between Stanco…
First of the 18 tax…
Stanco Solutions Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Peel Works Private Limited, the Corporate Debtor (CD), due to unpaid operational debt. The Applicant provided staffing and payroll management services to the CD under a Service Agreement dated 01.09.2023. The CD failed to make payments for the services rendered, leading to the filing of the application.
Stanco Solutions Private Limited (Operational Creditor) provided staffing and payroll management services to Peel Works Private Limited (Corporate Debtor) under a Service Agreement dated 01.09.2023. The Corporate Debtor defaulted on payments for these services. As of 10.07.2024, six invoices were outstanding, totaling Rs. 1,19,64,937. Additionally, interest for delayed payments on earlier invoices was not paid, amounting to Rs. 67,853.39, and interest on unpaid invoices till 10.07.2024 amounted to Rs. 7,05,931. The total default amount claimed by the Applicant was Rs. 1,27,38,722 as of 10.07.2024, inclusive of interest. The Operational Creditor issued a Demand Notice dated 10.07.2024, which the Corporate Debtor failed to respond to. The first date of default was
…Service Agreement executed between Stanco…
First of the 18 tax…