Trend Arrest Clothing Private Limited filed a petition under Section 9 of the IBC, 2016, against Inmark Retail Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on a total outstanding amount of Rs. 35,91,740/-. The operational creditor supplied readymade garments and accessories to the corporate debtor between 18.08.2017 and 24.12.2018. The corporate debtor made some payments but failed to pay the balance amount of Rs. 30,62,075/- and interest of Rs. 5,29,664/-. The operational creditor issued a demand notice under Section 8 of the I&B Code, 2016, on 11.07.2019, but received no reply or payment. The corporate debtor claimed that the dues were under dispute and
…Trend Arrest Clothing Private Limited (Operational Creditor) supplied readymade garments and accessories to Inmark Retail Private Limited (Corporate Debtor) between 18.08.2017 and 24.12.2018. The Corporate Debtor failed to pay Rs. 30,62,075/- of the principal amount and Rs. 5,29,664/- as interest, totaling Rs. 35,91,740/-. The Operational Creditor issued a demand notice on 11.07.2019 under Section 8 of the I&B Code, 2016. The Corporate Debtor admitted liability in email communications dated 26.03.2019 and 04.04.2019, proposing a payment plan. The Corporate Debtor claimed that goods worth Rs. 14,97,085/- were ready for return, reducing the actual dues to Rs. 15,64,990/-. The Corporate Debtor cited a liquidity crisis and restructuring efforts with banks, including a
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Trend Arrest Clothing Private Limited filed a petition under Section 9 of the IBC, 2016, against Inmark Retail Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on a total outstanding amount of Rs. 35,91,740/-. The operational creditor supplied readymade garments and accessories to the corporate debtor between 18.08.2017 and 24.12.2018. The corporate debtor made some payments but failed to pay the balance amount of Rs. 30,62,075/- and interest of Rs. 5,29,664/-. The operational creditor issued a demand notice under Section 8 of the I&B Code, 2016, on 11.07.2019, but received no reply or payment. The corporate debtor claimed that the dues were under dispute and
…Trend Arrest Clothing Private Limited (Operational Creditor) supplied readymade garments and accessories to Inmark Retail Private Limited (Corporate Debtor) between 18.08.2017 and 24.12.2018. The Corporate Debtor failed to pay Rs. 30,62,075/- of the principal amount and Rs. 5,29,664/- as interest, totaling Rs. 35,91,740/-. The Operational Creditor issued a demand notice on 11.07.2019 under Section 8 of the I&B Code, 2016. The Corporate Debtor admitted liability in email communications dated 26.03.2019 and 04.04.2019, proposing a payment plan. The Corporate Debtor claimed that goods worth Rs. 14,97,085/- were ready for return, reducing the actual dues to Rs. 15,64,990/-. The Corporate Debtor cited a liquidity crisis and restructuring efforts with banks, including a
…Operational Creditor…
Last date of supply of…