Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Atlanta Modular Private Limited (Corporate Debtor) for an unpaid operational debt of Rs. 17,16,07,038/- as of 31.07.2024. The debt arose from supply agreements for products, with the Corporate Debtor allegedly defaulting on payments since 26.09.2023. The Corporate Debtor disputed the claim, asserting that cheques were issued as security, full payments were made, and that the application was an attempt to illegally extract money, also alleging no goods or services were received under a subsequent agreement.
Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of IBC, 2016, against Atlanta Modular Private Limited (Corporate Debtor).
The petition seeks to initiate CIRP for an unresolved operational debt of Rs. 17,16,07,038/- as on 31.07.2024.
The Corporate Debtor entered into a Supply Agreement with Smartpaddle Technology Private Limited on 04.11.2022 for a period of 1 year.
Another Supply Agreement was entered into on 27.03.2024, also valid for 1 year.
Smartpaddle Technology Private Limited supplied products, including packaging material, textiles, and apparels, as per purchase orders and raised invoices.
Atlanta Modular Private Limited issued undated cheques as security, which were not deposited at their request.
…Sign in to view the parties.
Smartpaddle Technology Private Limited and…
Atlanta Modular Private Limited started…
Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Atlanta Modular Private Limited (Corporate Debtor) for an unpaid operational debt of Rs. 17,16,07,038/- as of 31.07.2024. The debt arose from supply agreements for products, with the Corporate Debtor allegedly defaulting on payments since 26.09.2023. The Corporate Debtor disputed the claim, asserting that cheques were issued as security, full payments were made, and that the application was an attempt to illegally extract money, also alleging no goods or services were received under a subsequent agreement.
Smartpaddle Technology Private Limited (Operational Creditor) filed a petition under Section 9 of IBC, 2016, against Atlanta Modular Private Limited (Corporate Debtor).
The petition seeks to initiate CIRP for an unresolved operational debt of Rs. 17,16,07,038/- as on 31.07.2024.
The Corporate Debtor entered into a Supply Agreement with Smartpaddle Technology Private Limited on 04.11.2022 for a period of 1 year.
Another Supply Agreement was entered into on 27.03.2024, also valid for 1 year.
Smartpaddle Technology Private Limited supplied products, including packaging material, textiles, and apparels, as per purchase orders and raised invoices.
Atlanta Modular Private Limited issued undated cheques as security, which were not deposited at their request.
…Smartpaddle Technology Private Limited and…
Atlanta Modular Private Limited started…