This case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Gehna Precious Metals Ltd. The Operational Creditor, SRS Limited, claims that the Corporate Debtor is unable to liquidate its debt. SRS Limited is in the business of wholesale and retail of gold and diamond jewellery. They supplied goods to Gehna Precious Metals Ltd. based on a memorandum of understanding dated 2009-10-28. Initially, the Corporate Debtor made timely payments but later defaulted, citing a Pan-India jewellers strike in March-April 2016 as a reason for not making remittances.
SRS Limited, the Operational Creditor, is engaged in the wholesale and retail business of gold and diamond jewellery. Gehna Precious Metals Ltd., the Corporate Debtor, approached SRS Limited for the wholesale supply of manufactured goods. A memorandum of understanding was established on 2009-10-28. Initially, Gehna Precious Metals Ltd. made timely payments, but later defaulted. They cited a Pan-India jewellers strike during March-April 2016 as a reason for not making remittances. SRS Limited maintained a running account, and the last payment made by Gehna Precious Metals Ltd. was on 2017-05-11, amounting to Rs. 8,00,000/-. As per SRS Limited's accounts, Rs. 73,20,20,887/- is outstanding. SRS Limited sent letters dated 2017-06-12 and 2017-08-18 demanding the outstanding
…Sign in to view the parties.
A memorandum of understanding was established…
A Pan-India jewellers strike occurred during…
This case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Gehna Precious Metals Ltd. The Operational Creditor, SRS Limited, claims that the Corporate Debtor is unable to liquidate its debt. SRS Limited is in the business of wholesale and retail of gold and diamond jewellery. They supplied goods to Gehna Precious Metals Ltd. based on a memorandum of understanding dated 2009-10-28. Initially, the Corporate Debtor made timely payments but later defaulted, citing a Pan-India jewellers strike in March-April 2016 as a reason for not making remittances.
SRS Limited, the Operational Creditor, is engaged in the wholesale and retail business of gold and diamond jewellery. Gehna Precious Metals Ltd., the Corporate Debtor, approached SRS Limited for the wholesale supply of manufactured goods. A memorandum of understanding was established on 2009-10-28. Initially, Gehna Precious Metals Ltd. made timely payments, but later defaulted. They cited a Pan-India jewellers strike during March-April 2016 as a reason for not making remittances. SRS Limited maintained a running account, and the last payment made by Gehna Precious Metals Ltd. was on 2017-05-11, amounting to Rs. 8,00,000/-. As per SRS Limited's accounts, Rs. 73,20,20,887/- is outstanding. SRS Limited sent letters dated 2017-06-12 and 2017-08-18 demanding the outstanding
…A memorandum of understanding was established…
A Pan-India jewellers strike occurred during…