The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by CDS Soles Private Limited (Operational Creditor) against GKK Exports Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in making payment of outstanding dues for the supply of thermoplastic rubber soles. The Operational Creditor had previously filed a civil suit against the Corporate Debtor and its directors in the High Court of Madras, which resulted in a decree in favor of the Operational Creditor. A demand notice was issued to the Corporate Debtor, but no reply was received.
CDS Soles Private Limited (Operational Creditor) is engaged in the manufacture and sale of thermoplastic rubber soles. GKK Exports Private Limited (Corporate Debtor) placed orders for the supply of shoe soles. The Operational Creditor supplied the materials as ordered by the Corporate Debtor. As of 28.06.2018, the Corporate Debtor owed Rs.1,04,76,349/- to the Operational Creditor. The Corporate Debtor paid Rs.3,20,581/- on 05.05.2009 and an amount of Rs.96,741.29p was set off against credit notes, leaving a balance outstanding of Rs.33,11,283.71p. The Operational Creditor filed Civil Suit No.361/2014 before the High Court of Madras, which resulted in a decree in favor of the Operational Creditor for Rs.89,81,317.39p plus interest. A demand notice dated 28.06.2018 was
…Sign in to view the parties.
The Operational Creditor filed Civil Suit…
The High Court of…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by CDS Soles Private Limited (Operational Creditor) against GKK Exports Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in making payment of outstanding dues for the supply of thermoplastic rubber soles. The Operational Creditor had previously filed a civil suit against the Corporate Debtor and its directors in the High Court of Madras, which resulted in a decree in favor of the Operational Creditor. A demand notice was issued to the Corporate Debtor, but no reply was received.
CDS Soles Private Limited (Operational Creditor) is engaged in the manufacture and sale of thermoplastic rubber soles. GKK Exports Private Limited (Corporate Debtor) placed orders for the supply of shoe soles. The Operational Creditor supplied the materials as ordered by the Corporate Debtor. As of 28.06.2018, the Corporate Debtor owed Rs.1,04,76,349/- to the Operational Creditor. The Corporate Debtor paid Rs.3,20,581/- on 05.05.2009 and an amount of Rs.96,741.29p was set off against credit notes, leaving a balance outstanding of Rs.33,11,283.71p. The Operational Creditor filed Civil Suit No.361/2014 before the High Court of Madras, which resulted in a decree in favor of the Operational Creditor for Rs.89,81,317.39p plus interest. A demand notice dated 28.06.2018 was
…The Operational Creditor filed Civil Suit…
The High Court of…