M/s United Artlogistics Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, acting as the Corporate Debtor, claimed to have defaulted on a debt of Rs.1,68,50,733/- owed to Operational Creditors, including Employees and Statutory Authorities. The Corporate Debtor faced financial difficulties, including disputes with the Indian Trade Promotion Organization (ITPO) and legal proceedings initiated by an employee, as well as a statutory demand from the Income Tax Department. Despite these challenges, the Corporate Debtor continued its business operations, but its revenue was severely affected due to non-payment of debts, leading to
…M/s United Artlogistics Private Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP as the Corporate Debtor. The Corporate Applicant claimed a default of Rs.1,68,50,733/- owed to Operational Creditors. The Corporate Applicant is a private limited company incorporated on 08.04.2008. The Corporate Debtor faced disputes with ITPO regarding a license agreement for an art exhibition, leading to arbitration and an award in favor of ITPO for Rs. 88,28,062/- plus interest. An employee of the Corporate Debtor initiated legal proceedings for Rs. 33,95,000/-. The Commissioner of Income Tax raised a statutory demand of Rs. 46,27,671/-. The Corporate Debtor suffered financial losses since 2019-2020,
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The Corporate Applicant, M/s United…
A license agreement was executed between M/s.…
M/s United Artlogistics Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, acting as the Corporate Debtor, claimed to have defaulted on a debt of Rs.1,68,50,733/- owed to Operational Creditors, including Employees and Statutory Authorities. The Corporate Debtor faced financial difficulties, including disputes with the Indian Trade Promotion Organization (ITPO) and legal proceedings initiated by an employee, as well as a statutory demand from the Income Tax Department. Despite these challenges, the Corporate Debtor continued its business operations, but its revenue was severely affected due to non-payment of debts, leading to
…M/s United Artlogistics Private Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP as the Corporate Debtor. The Corporate Applicant claimed a default of Rs.1,68,50,733/- owed to Operational Creditors. The Corporate Applicant is a private limited company incorporated on 08.04.2008. The Corporate Debtor faced disputes with ITPO regarding a license agreement for an art exhibition, leading to arbitration and an award in favor of ITPO for Rs. 88,28,062/- plus interest. An employee of the Corporate Debtor initiated legal proceedings for Rs. 33,95,000/-. The Commissioner of Income Tax raised a statutory demand of Rs. 46,27,671/-. The Corporate Debtor suffered financial losses since 2019-2020,
…The Corporate Applicant, M/s United…
A license agreement was executed between M/s.…