SBS Transpole Logistics Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Best Textiles Ltd., the corporate debtor, due to its inability to pay a debt of Rs. 26,61,813. The operational creditor is in the logistics business, specializing in supply chain management, while the corporate debtor deals in raw cotton, polyester filaments, and fabrics. An agreement existed between the parties for the transportation of goods, with invoices raised from June 6, 2011, to March 7, 2015, totaling Rs. 1,53,10,151. The outstanding amount pertains to invoices raised between March 24, 2014, and July 2, 2014. The corporate debtor acknowledged the debt and promised payment but failed to liquidate it.
SBS Transpole Logistics Pvt. Ltd. (Operational Creditor) provided logistics services to Best Textiles Ltd. (Corporate Debtor) under an agreement. Invoices were raised between 2011 and 2015, with an outstanding amount of Rs. 26,61,813 pertaining to invoices from March 2014 to July 2014. The Corporate Debtor acknowledged the debt and promised payment. The Operational Creditor issued a legal notice in 2015 and a notice under Rule 5 of the Insolvency and Bankruptcy Rules 2016. The Corporate Debtor raised objections, including disputes over service quality, limitation, and the validity of the demand notice. The Corporate Debtor claimed the running account was never reconciled and alleged false bills. Emails exchanged between the parties showed the Corporate Debtor
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Agreement executed between SBS Transpole…
Legal notice issued by the Operational…
SBS Transpole Logistics Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Best Textiles Ltd., the corporate debtor, due to its inability to pay a debt of Rs. 26,61,813. The operational creditor is in the logistics business, specializing in supply chain management, while the corporate debtor deals in raw cotton, polyester filaments, and fabrics. An agreement existed between the parties for the transportation of goods, with invoices raised from June 6, 2011, to March 7, 2015, totaling Rs. 1,53,10,151. The outstanding amount pertains to invoices raised between March 24, 2014, and July 2, 2014. The corporate debtor acknowledged the debt and promised payment but failed to liquidate it.
SBS Transpole Logistics Pvt. Ltd. (Operational Creditor) provided logistics services to Best Textiles Ltd. (Corporate Debtor) under an agreement. Invoices were raised between 2011 and 2015, with an outstanding amount of Rs. 26,61,813 pertaining to invoices from March 2014 to July 2014. The Corporate Debtor acknowledged the debt and promised payment. The Operational Creditor issued a legal notice in 2015 and a notice under Rule 5 of the Insolvency and Bankruptcy Rules 2016. The Corporate Debtor raised objections, including disputes over service quality, limitation, and the validity of the demand notice. The Corporate Debtor claimed the running account was never reconciled and alleged false bills. Emails exchanged between the parties showed the Corporate Debtor
…Agreement executed between SBS Transpole…
Legal notice issued by the Operational…