The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Laxmidhar Mohanty (Operational Creditor) against M/s. Simplex Infrastructures Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP).
Laxmidhar Mohanty (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Simplex Infrastructures Limited (Corporate Debtor).
The Operational Creditor is engaged in supplying services for earthwork construction and equipment.
The Corporate Debtor failed to settle invoices for work done, leading to a dispute.
The Corporate Debtor acknowledged a liability of Rs. 7,37,44,476/- on 20.01.2020.
A demand notice was issued on 19.09.2021 in compliance with Form 3 under Section 8 of the Insolvency and Bankruptcy Code, 2016.
A settlement agreement was proposed on 07.10.2022, detailing instalment payments totalling Rs. 5,75,00,000/-.
CP (IB) No. 397/KB/2021 was withdrawn as per the settlement terms.
…Sign in to view the parties.
The Corporate Debtor…
The Operational Creditor issued a demand notice…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Laxmidhar Mohanty (Operational Creditor) against M/s. Simplex Infrastructures Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP).
Laxmidhar Mohanty (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Simplex Infrastructures Limited (Corporate Debtor).
The Operational Creditor is engaged in supplying services for earthwork construction and equipment.
The Corporate Debtor failed to settle invoices for work done, leading to a dispute.
The Corporate Debtor acknowledged a liability of Rs. 7,37,44,476/- on 20.01.2020.
A demand notice was issued on 19.09.2021 in compliance with Form 3 under Section 8 of the Insolvency and Bankruptcy Code, 2016.
A settlement agreement was proposed on 07.10.2022, detailing instalment payments totalling Rs. 5,75,00,000/-.
CP (IB) No. 397/KB/2021 was withdrawn as per the settlement terms.
…The Corporate Debtor…
The Operational Creditor issued a demand notice…