Smartpaddle Technology Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Krish Fashions Brands Pvt. Ltd. due to a default in payment of Rs. 7,70,23,104/-.
Smartpaddle Technology Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC to initiate CIRP against Krish Fashions Brands Pvt. Ltd. (Corporate Debtor).
The Operational Creditor claimed a default of Rs. 7,70,23,104/- as of 27.07.2023, including unpaid invoices and interest.
The Corporate Debtor argued that there was a pre-existing dispute and that the invoices were disputed.
The Corporate Debtor claimed that they had initiated criminal proceedings against a director of the Operational Creditor.
The Operational Creditor contended that the Corporate Debtor had not raised any objections to the invoices within the stipulated timeframe.
The court found that the Corporate Debtor had failed to provide sufficient evidence of a pre-existing dispute.
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The present Petition was filed on 12.10.2023…
Date of Default…
Smartpaddle Technology Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Krish Fashions Brands Pvt. Ltd. due to a default in payment of Rs. 7,70,23,104/-.
Smartpaddle Technology Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC to initiate CIRP against Krish Fashions Brands Pvt. Ltd. (Corporate Debtor).
The Operational Creditor claimed a default of Rs. 7,70,23,104/- as of 27.07.2023, including unpaid invoices and interest.
The Corporate Debtor argued that there was a pre-existing dispute and that the invoices were disputed.
The Corporate Debtor claimed that they had initiated criminal proceedings against a director of the Operational Creditor.
The Operational Creditor contended that the Corporate Debtor had not raised any objections to the invoices within the stipulated timeframe.
The court found that the Corporate Debtor had failed to provide sufficient evidence of a pre-existing dispute.
…The present Petition was filed on 12.10.2023…
Date of Default…