This is an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Mr. Ajay Jain, the sole proprietor of M/s Radium Fibres, claiming to be an Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Baldva Textiles Private Limited. The Applicant and Respondent had a business relationship where the Respondent purchased goods from the Applicant on a regular basis, and the Applicant raised invoices for each supply. The Respondent allegedly started delaying payments, leading to default.
Mr. Ajay Jain, operating as M/s Radium Fibres, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Baldva Textiles Private Limited, citing an operational debt. The two entities had a business relationship where Baldva Textiles purchased goods from Radium Fibres on a regular basis. Radium Fibres issued tax invoices for each supply. Over time, Baldva Textiles allegedly delayed payments, leading to a default. The last payment received by Radium Fibres was on 17.09.2020, amounting to Rs. 4,70,019/-. Subsequently, no further payments were received against invoices totaling Rs. 78,43,224/-. As per the invoice terms, interest was chargeable on delayed payments. Radium Fibres
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Baldva Textiles Private…
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This is an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Mr. Ajay Jain, the sole proprietor of M/s Radium Fibres, claiming to be an Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Baldva Textiles Private Limited. The Applicant and Respondent had a business relationship where the Respondent purchased goods from the Applicant on a regular basis, and the Applicant raised invoices for each supply. The Respondent allegedly started delaying payments, leading to default.
Mr. Ajay Jain, operating as M/s Radium Fibres, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Baldva Textiles Private Limited, citing an operational debt. The two entities had a business relationship where Baldva Textiles purchased goods from Radium Fibres on a regular basis. Radium Fibres issued tax invoices for each supply. Over time, Baldva Textiles allegedly delayed payments, leading to a default. The last payment received by Radium Fibres was on 17.09.2020, amounting to Rs. 4,70,019/-. Subsequently, no further payments were received against invoices totaling Rs. 78,43,224/-. As per the invoice terms, interest was chargeable on delayed payments. Radium Fibres
…Baldva Textiles Private…
The date on wh…