The case involves an application filed by SVG Fashions Limited, an operational creditor, against Arpita Filaments Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. SVG Fashions claimed that Arpita Filaments defaulted on payments for supplied fabrics. The operational creditor had been supplying fabrics to the corporate debtor since 2013, and initially, payments were regular. However, around August 2013, irregular payments began, and bills were not cleared on time. The operational creditor issued a demand notice under Section 8 of the IBC, seeking payment of Rs. 43,96,593/- towards outstanding bills from 11.08.2013 to 02.09.2013, plus interest. The corporate debtor raised objections, including the lack of proper service
…SVG Fashions Limited (operational creditor) supplied fabrics to Arpita Filaments Private Limited (corporate debtor) since 2013. Initially, payments were regular, but around August 2013, payments became irregular. The operational creditor issued a demand notice on 19th March, 2018, under Section 8 of the Insolvency and Bankruptcy Code, claiming Rs. 43,96,593/- towards outstanding bills from 11.08.2013 to 02.09.2013, plus interest. The corporate debtor raised objections, claiming lack of service of demand notice, absence of board resolution authorizing the demand notice, and that the invoices were time-barred. The operational creditor submitted proof of dispatch of the demand notice and a board resolution authorizing Mr. D.M. Agarwal to file the petition. The operational
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SVG Fashions Limited…
Arpita Filaments…
The case involves an application filed by SVG Fashions Limited, an operational creditor, against Arpita Filaments Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. SVG Fashions claimed that Arpita Filaments defaulted on payments for supplied fabrics. The operational creditor had been supplying fabrics to the corporate debtor since 2013, and initially, payments were regular. However, around August 2013, irregular payments began, and bills were not cleared on time. The operational creditor issued a demand notice under Section 8 of the IBC, seeking payment of Rs. 43,96,593/- towards outstanding bills from 11.08.2013 to 02.09.2013, plus interest. The corporate debtor raised objections, including the lack of proper service
…SVG Fashions Limited (operational creditor) supplied fabrics to Arpita Filaments Private Limited (corporate debtor) since 2013. Initially, payments were regular, but around August 2013, payments became irregular. The operational creditor issued a demand notice on 19th March, 2018, under Section 8 of the Insolvency and Bankruptcy Code, claiming Rs. 43,96,593/- towards outstanding bills from 11.08.2013 to 02.09.2013, plus interest. The corporate debtor raised objections, claiming lack of service of demand notice, absence of board resolution authorizing the demand notice, and that the invoices were time-barred. The operational creditor submitted proof of dispatch of the demand notice and a board resolution authorizing Mr. D.M. Agarwal to file the petition. The operational
…SVG Fashions Limited…
Arpita Filaments…