The case involves a petition filed by BDH Corporation (India), an operational creditor, against Innovative Textiles Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. BDH Corporation claimed that Innovative Textiles defaulted on payments for supplied goods. The operational creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP).
BDH Corporation (India), an operational creditor engaged in supplying dyes and chemicals, filed a petition against Innovative Textiles Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Innovative Textiles placed purchase orders for 5000 kgs of Dytec SFD with BDH Corporation. BDH Corporation supplied 4000 kgs of Dytec SFD, which were received without dispute. Invoices corresponding to the purchase orders remained unpaid, totaling Rs. 14,80,900/-. Innovative Textiles issued a cheque for Rs. 14,75,000/-, which was dishonored due to 'Payment Stopped by the Drawer'. A statutory demand notice was issued on June 5, 2018, and received by Innovative Textiles on June 6, 2018. Innovative Textiles raised objections regarding the quality of
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Innovative Te…
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The case involves a petition filed by BDH Corporation (India), an operational creditor, against Innovative Textiles Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. BDH Corporation claimed that Innovative Textiles defaulted on payments for supplied goods. The operational creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP).
BDH Corporation (India), an operational creditor engaged in supplying dyes and chemicals, filed a petition against Innovative Textiles Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Innovative Textiles placed purchase orders for 5000 kgs of Dytec SFD with BDH Corporation. BDH Corporation supplied 4000 kgs of Dytec SFD, which were received without dispute. Invoices corresponding to the purchase orders remained unpaid, totaling Rs. 14,80,900/-. Innovative Textiles issued a cheque for Rs. 14,75,000/-, which was dishonored due to 'Payment Stopped by the Drawer'. A statutory demand notice was issued on June 5, 2018, and received by Innovative Textiles on June 6, 2018. Innovative Textiles raised objections regarding the quality of
…Innovative Te…
Respondent placed…