M/s Winsome Yarns Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Ginni Filaments Ltd for initiation of Corporate Insolvency Resolution Process (CIRP). Winsome Yarns claimed that Ginni Filaments owed them Rs. 80,23,368/- for goods supplied between April 2015 and May 2015. Ginni Filaments objected, stating that there was a pre-existing dispute regarding the quality and delivery of goods, and that the claim was barred by limitation.
M/s Winsome Yarns Limited (Operational Creditor) filed a petition against M/s Ginni Filaments Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding debt of Rs. 80,23,368/-. The debt arose from the supply of Melange yarn between April 2015 and May 2015. Ginni Filaments argued that there was a pre-existing dispute regarding the quality and delivery of the goods, and that the claim was time-barred. Winsome Yarns issued a demand notice on 17.04.2018, to which Ginni Filaments replied on 27.04.2018. Ginni Filaments claimed losses of Rs. 1,17,80,951/- due to non-delivery of goods. The last transaction between the parties occurred on 04.05.2015. The petition was filed on 20.08.2018.
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M/s Winsome Yarns…
M/s Ginni Filam…
M/s Winsome Yarns Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Ginni Filaments Ltd for initiation of Corporate Insolvency Resolution Process (CIRP). Winsome Yarns claimed that Ginni Filaments owed them Rs. 80,23,368/- for goods supplied between April 2015 and May 2015. Ginni Filaments objected, stating that there was a pre-existing dispute regarding the quality and delivery of goods, and that the claim was barred by limitation.
M/s Winsome Yarns Limited (Operational Creditor) filed a petition against M/s Ginni Filaments Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding debt of Rs. 80,23,368/-. The debt arose from the supply of Melange yarn between April 2015 and May 2015. Ginni Filaments argued that there was a pre-existing dispute regarding the quality and delivery of the goods, and that the claim was time-barred. Winsome Yarns issued a demand notice on 17.04.2018, to which Ginni Filaments replied on 27.04.2018. Ginni Filaments claimed losses of Rs. 1,17,80,951/- due to non-delivery of goods. The last transaction between the parties occurred on 04.05.2015. The petition was filed on 20.08.2018.
M/s Winsome Yarns…
M/s Ginni Filam…