# In the matter of JCR FASHION RETAIL PRIVATE LIMITED

> NCLT judgment dated 2026-03-10. Citation: TCN-2026-NCLT-00208. Live Fashion, an operational creditor, filed a petition under Section 9 of the IBC against JCR…

- **Court:** NCLT
- **Order date:** 10 Mar 2026
- **Citation:** TCN-2026-NCLT-00208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/jcr-fashion-retail-private-limited-1c3d95bc

## Summary

### Background

Live Fashion, an operational creditor, filed a petition under Section 9 of the IBC against JCR Fashion Retail Private Limited, the corporate debtor, for initiation of CIRP due to default in payment of operational debt arising from the supply of garments.

## Facts

Live Fashion, an operational creditor, filed a petition under Section 9 of the IBC against JCR Fashion Retail Private Limited for initiation of CIRP.

The operational debt claimed was Rs. 5,40,08,259/-, including principal and interest, arising from the supply of garments.

The date of default was stated to be 01.08.2024.

A settlement agreement was entered into between the parties on 26.09.2025, acknowledging a principal outstanding amount of Rs. 4,16,73,003/- and a negotiated interest amount of Rs. 81,00,000/-.

The corporate debtor committed default in repayment of the admitted and acknowledged settled amount.

The operational creditor issued a demand notice dated 20.03.2025 under Section 8 of the Code.

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## Issues and analysis

### Issue 1: Whether the defence raised by the Corporate Debtor regarding the quality of goods constitutes a …

**Ratio:** The Hon'ble Supreme Court in Mobilox Innovations Pvt. Ltd. v. Kirusa Software Pvt. Ltd.

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**Reasoning:** The Adjudicating Authority found that the defence raised by the Corporate Debtor was not

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**Interpretation:** The defence raised by the Corporate Debtor does not meet the threshold of a

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**Application:** The Adjudicating Authority concluded that there was no genuine pre-existing

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Live Fa…; Dhirajbhai…
- **Respondents:** JCR Fashion…
- **Other parties:** Rathin Amishbhai…
- **Advocates:** Nilesh P Ud…

## Timeline

- **2024-08-01 — Date of D…**: The date of default is…
- **2025-03-20 — Demand N…**: The Operational Creditor issued a Demand Notice dated 20.03.2025 under Section 8 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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