This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Hoya Lens India Private Limited (Operational Creditor) against Hollywood Opticians Private Limited (Corporate Debtor) for failing to pay a debt of ₹50,35,714.00 towards principal and ₹10,18,182.00 towards interest as of 31.03.2018. The Operational Creditor had been supplying spectacle lenses to the Corporate Debtor based on several work orders. The Corporate Debtor claimed that the goods supplied were of substandard quality and raised disputes regarding the same. The Operational Creditor served a demand notice, but the Corporate Debtor did not reply.
Hoya Lens India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Hollywood Opticians Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of ₹50,35,714.00 towards principal and ₹10,18,182.00 towards interest as of 31.03.2018, totaling ₹60,53,896.00. The Operational Creditor supplied spectacle lenses to the Corporate Debtor based on several work orders, raising twenty-four invoices between 16.12.2017 and 31.03.2018. A demand notice was served on 09.02.2019. The Corporate Debtor argued that the goods supplied were of substandard quality, leading to customer complaints and refunds, and that they did not receive the demand notice.
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This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Hoya Lens India Private Limited (Operational Creditor) against Hollywood Opticians Private Limited (Corporate Debtor) for failing to pay a debt of ₹50,35,714.00 towards principal and ₹10,18,182.00 towards interest as of 31.03.2018. The Operational Creditor had been supplying spectacle lenses to the Corporate Debtor based on several work orders. The Corporate Debtor claimed that the goods supplied were of substandard quality and raised disputes regarding the same. The Operational Creditor served a demand notice, but the Corporate Debtor did not reply.
Hoya Lens India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Hollywood Opticians Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of ₹50,35,714.00 towards principal and ₹10,18,182.00 towards interest as of 31.03.2018, totaling ₹60,53,896.00. The Operational Creditor supplied spectacle lenses to the Corporate Debtor based on several work orders, raising twenty-four invoices between 16.12.2017 and 31.03.2018. A demand notice was served on 09.02.2019. The Corporate Debtor argued that the goods supplied were of substandard quality, leading to customer complaints and refunds, and that they did not receive the demand notice.
…The Operational Creditor and Corporate Debtor…
Start date of the…