The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Bhandari Hosiery Exports Limited (the Applicant) against M/s In-Time Garments Private Limited (the Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed to be an operational creditor, alleging that the corporate debtor defaulted on payments for knitted cloth and fabrics supplied. The corporate debtor, however, raised a dispute regarding the quality of the supplied fabrics, claiming they were defective and not as per the required specifications.
M/s Bhandari Hosiery Exports Limited (Applicant) filed a petition against M/s In-Time Garments Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming unpaid dues for supplied knitted cloth and fabrics. The applicant claimed that the corporate debtor owed Rs. 17,42,195/- as of 23.01.2018. The corporate debtor argued that the supplied fabrics were defective and not as per specifications, leading to rejection by their buyer, Newtimes Group, and causing them monetary losses. The corporate debtor claimed to have informed the applicant about the defective fabric via WhatsApp message dated 04.11.2017. The applicant continued to supply material until 11.11.2017 and received payments until 05.12.2017. The corporate debtor placed
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M/s In-Time Garments…
Corporate Debtor sent a WhatsApp message to the…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Bhandari Hosiery Exports Limited (the Applicant) against M/s In-Time Garments Private Limited (the Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed to be an operational creditor, alleging that the corporate debtor defaulted on payments for knitted cloth and fabrics supplied. The corporate debtor, however, raised a dispute regarding the quality of the supplied fabrics, claiming they were defective and not as per the required specifications.
M/s Bhandari Hosiery Exports Limited (Applicant) filed a petition against M/s In-Time Garments Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming unpaid dues for supplied knitted cloth and fabrics. The applicant claimed that the corporate debtor owed Rs. 17,42,195/- as of 23.01.2018. The corporate debtor argued that the supplied fabrics were defective and not as per specifications, leading to rejection by their buyer, Newtimes Group, and causing them monetary losses. The corporate debtor claimed to have informed the applicant about the defective fabric via WhatsApp message dated 04.11.2017. The applicant continued to supply material until 11.11.2017 and received payments until 05.12.2017. The corporate debtor placed
…M/s In-Time Garments…
Corporate Debtor sent a WhatsApp message to the…