The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process against the respondent company, claimed to be the corporate debtor. The applicant, M/s The System Overseas, claims to be an operational creditor. The applicant alleges that it supplied goods on behalf of the Corporate Debtor to an overseas buyer, M/s Divine World Wide General Trading LLC, in February and March 2019, based on a Sales of Goods Agreement dated 21.12.2018, and raised 9 invoices.
M/s The System Overseas (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s Bobieri Creazon Fashion Accessories Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed to have supplied goods to an overseas buyer on behalf of the Corporate Debtor in February and March 2019, based on a Sales of Goods Agreement dated 21.12.2018, and raised 9 invoices amounting to Rs. 14,91,86,098/-, out of which Rs. 9,76,08,980/- was paid till 26.09.2019, leaving a balance of Rs. 5,15,77,118/-. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of goods supplied, which were found to be defective by the overseas client. The
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The Corporate Debtor…
The applicant supplied goods to the overseas…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process against the respondent company, claimed to be the corporate debtor. The applicant, M/s The System Overseas, claims to be an operational creditor. The applicant alleges that it supplied goods on behalf of the Corporate Debtor to an overseas buyer, M/s Divine World Wide General Trading LLC, in February and March 2019, based on a Sales of Goods Agreement dated 21.12.2018, and raised 9 invoices.
M/s The System Overseas (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s Bobieri Creazon Fashion Accessories Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed to have supplied goods to an overseas buyer on behalf of the Corporate Debtor in February and March 2019, based on a Sales of Goods Agreement dated 21.12.2018, and raised 9 invoices amounting to Rs. 14,91,86,098/-, out of which Rs. 9,76,08,980/- was paid till 26.09.2019, leaving a balance of Rs. 5,15,77,118/-. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of goods supplied, which were found to be defective by the overseas client. The
…The Corporate Debtor…
The applicant supplied goods to the overseas…