Mahavir Traders, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings against Gian Chand and Sons Private Limited, the corporate debtor, due to an outstanding payment for supplied cotton yarn. The petitioner claimed that the corporate debtor failed to pay ₹34,18,702/- for the supplied goods. The petitioner submitted a demand notice in Form 3 and Form 4, along with ledger statements, to the corporate debtor. The corporate debtor admitted to the transactions but claimed a prior settlement of disputes and raised concerns about the validity of the demand notice and limitation.
Mahavir Traders, a partnership firm, supplied cotton yarn to Gian Chand and Sons Private Limited from 2015 to 2017. An outstanding amount of ₹34,18,702/- remained unpaid. Mahavir Traders issued a demand notice to Gian Chand and Sons Private Limited on 10.04.2018, seeking payment of the outstanding dues. The demand notice was sent via speed post and delivered to the corporate debtor on 12.04.2018. Gian Chand and Sons Private Limited issued cheques totaling ₹54,39,956/- on 07.04.2018, which were dishonored due to 'payment stopped by the drawer'. Gian Chand and Sons Private Limited claimed that a dispute existed between the parties, which was settled in 2015, and that the demand notice was invalid. The last payment of ₹2 lacs was made by Gian Chand and Sons Private
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Gian Chand and Sons…
Mahavir Traders…
Mahavir Traders, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings against Gian Chand and Sons Private Limited, the corporate debtor, due to an outstanding payment for supplied cotton yarn. The petitioner claimed that the corporate debtor failed to pay ₹34,18,702/- for the supplied goods. The petitioner submitted a demand notice in Form 3 and Form 4, along with ledger statements, to the corporate debtor. The corporate debtor admitted to the transactions but claimed a prior settlement of disputes and raised concerns about the validity of the demand notice and limitation.
Mahavir Traders, a partnership firm, supplied cotton yarn to Gian Chand and Sons Private Limited from 2015 to 2017. An outstanding amount of ₹34,18,702/- remained unpaid. Mahavir Traders issued a demand notice to Gian Chand and Sons Private Limited on 10.04.2018, seeking payment of the outstanding dues. The demand notice was sent via speed post and delivered to the corporate debtor on 12.04.2018. Gian Chand and Sons Private Limited issued cheques totaling ₹54,39,956/- on 07.04.2018, which were dishonored due to 'payment stopped by the drawer'. Gian Chand and Sons Private Limited claimed that a dispute existed between the parties, which was settled in 2015, and that the demand notice was invalid. The last payment of ₹2 lacs was made by Gian Chand and Sons Private
…Gian Chand and Sons…
Mahavir Traders…