The case involves an application (IA/3010/2022) filed in an existing insolvency proceeding (IB-658/ND/2020) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, M/s Zebronics India Private Limited, sought to amend its insolvency application due to a clerical error in the demand notice. The respondent, Times Internet Ltd., objected to the amendment, arguing that the error rendered the demand notice defective and the application not maintainable. The respondent also contended that the outstanding amount was below the threshold for initiating CIRP. The applicant argued that the error was inadvertent and did not affect the total amount of debt or the amount claimed to be in default.
M/s Zebronics India Private Limited filed an insolvency application (IB-658/ND/2020) against Times Internet Ltd. for default in repayment of Rs. 21,05,680/-. The application was filed under FORM-5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicant sought to amend the application (IA/3010/2022) due to a clerical error in the demand notice, where incorrect invoice numbers and dates were mentioned. The respondent objected, arguing that the error rendered the demand notice defective and the application not maintainable, and that the actual outstanding amount based on valid invoices was only Rs. 2,432, which is below the threshold of Rs. 1,00,000/-. The respondent also stated that they had paid Rs. 1,99,637/-. The applicant
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M/s Zebronics India Private Limited filed an…
Demand notice issued to Times Internet Ltd.…
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The case involves an application (IA/3010/2022) filed in an existing insolvency proceeding (IB-658/ND/2020) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, M/s Zebronics India Private Limited, sought to amend its insolvency application due to a clerical error in the demand notice. The respondent, Times Internet Ltd., objected to the amendment, arguing that the error rendered the demand notice defective and the application not maintainable. The respondent also contended that the outstanding amount was below the threshold for initiating CIRP. The applicant argued that the error was inadvertent and did not affect the total amount of debt or the amount claimed to be in default.
M/s Zebronics India Private Limited filed an insolvency application (IB-658/ND/2020) against Times Internet Ltd. for default in repayment of Rs. 21,05,680/-. The application was filed under FORM-5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicant sought to amend the application (IA/3010/2022) due to a clerical error in the demand notice, where incorrect invoice numbers and dates were mentioned. The respondent objected, arguing that the error rendered the demand notice defective and the application not maintainable, and that the actual outstanding amount based on valid invoices was only Rs. 2,432, which is below the threshold of Rs. 1,00,000/-. The respondent also stated that they had paid Rs. 1,99,637/-. The applicant
…M/s Zebronics India Private Limited filed an…
Demand notice issued to Times Internet Ltd.…
Sign in to view related legal provisions.