The case involves an application filed by M/s Kundan Mal Roop Chand Jewellers (P) Ltd., the operational creditor, against Delhi Diamonds Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process (CIRP). The application was filed due to an alleged default by Delhi Diamonds Private Limited in clearing a debt of Rs. 1,22,58,190/- for goods supplied by the operational creditor. The corporate debtor acknowledged the debt but cited the COVID-19 pandemic and subsequent lockdown as reasons for their inability to repay the dues.
M/s Kundan Mal Roop Chand Jewellers (P) Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Delhi Diamonds Private Limited (Corporate Debtor) for a default of Rs. 1,22,58,190/-. The operational creditor is in the wholesale business of jewelry and loose diamonds. On 2020-02-25, the corporate debtor placed an order for 910.34 CT of loose diamonds. The operational creditor supplied the diamonds on 2020-03-01, raising an invoice for Rs. 1,09,51,390, with payment due by 2020-03-07. The corporate debtor failed to make the payment, leading to the default. The operational creditor issued a demand notice on 2020-03-13, to which the corporate debtor replied, citing a lack of funds. The corporate debtor
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Delhi Diamonds Private Limited placed an order…
M/s Kundan Mal Roop Chand Jewellers (P) Ltd.…
The case involves an application filed by M/s Kundan Mal Roop Chand Jewellers (P) Ltd., the operational creditor, against Delhi Diamonds Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process (CIRP). The application was filed due to an alleged default by Delhi Diamonds Private Limited in clearing a debt of Rs. 1,22,58,190/- for goods supplied by the operational creditor. The corporate debtor acknowledged the debt but cited the COVID-19 pandemic and subsequent lockdown as reasons for their inability to repay the dues.
M/s Kundan Mal Roop Chand Jewellers (P) Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Delhi Diamonds Private Limited (Corporate Debtor) for a default of Rs. 1,22,58,190/-. The operational creditor is in the wholesale business of jewelry and loose diamonds. On 2020-02-25, the corporate debtor placed an order for 910.34 CT of loose diamonds. The operational creditor supplied the diamonds on 2020-03-01, raising an invoice for Rs. 1,09,51,390, with payment due by 2020-03-07. The corporate debtor failed to make the payment, leading to the default. The operational creditor issued a demand notice on 2020-03-13, to which the corporate debtor replied, citing a lack of funds. The corporate debtor
…Delhi Diamonds Private Limited placed an order…
M/s Kundan Mal Roop Chand Jewellers (P) Ltd.…