Excelsior Leathers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Samar Lifestyle Private Limited.
Excelsior Leathers Private Limited (Operational Creditor) supplied leather footwear to Samar Lifestyle Private Limited (Corporate Debtor) against purchase orders received during November 2018 to May 2019.
The Operational Creditor supplied goods worth Rs. 1,63,48,447.49, while the Corporate Debtor made payments of only Rs. 25,00,000/-.
The Corporate Debtor issued three cheques of Rs. 25,00,000/- each, which were dishonored upon presentation.
The Operational Creditor served a demand notice upon the Corporate Debtor under the Code.
The Corporate Debtor claimed that the Petitioner owed money to its group entities and sought to adjust the amounts.
The Corporate Debtor admitted to an outstanding amount of Rs. 1,32,87,754.69/- as on 31.03.2020.
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Operational Creditor supplied leather footwear…
The C.P was f…
Excelsior Leathers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Samar Lifestyle Private Limited.
Excelsior Leathers Private Limited (Operational Creditor) supplied leather footwear to Samar Lifestyle Private Limited (Corporate Debtor) against purchase orders received during November 2018 to May 2019.
The Operational Creditor supplied goods worth Rs. 1,63,48,447.49, while the Corporate Debtor made payments of only Rs. 25,00,000/-.
The Corporate Debtor issued three cheques of Rs. 25,00,000/- each, which were dishonored upon presentation.
The Operational Creditor served a demand notice upon the Corporate Debtor under the Code.
The Corporate Debtor claimed that the Petitioner owed money to its group entities and sought to adjust the amounts.
The Corporate Debtor admitted to an outstanding amount of Rs. 1,32,87,754.69/- as on 31.03.2020.
…Operational Creditor supplied leather footwear…
The C.P was f…