The case pertains to an application filed by Mr. Ketan Lavingiya, Karta of Ketan Narendrabhai Lavingiya HUF, Proprietor of M/s. Nand Enterprise, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. Jinaam's Dress Limited, the corporate debtor, for default in payment of operational debt. The applicant, an operational creditor, claimed that the corporate debtor owed a sum of Rs. 10,30,917 towards goods supplied between 16.02.2017 and 22.01.2019, with the last payment received on 15.06.2019. The invoices became due after 45 days from the invoice date, and the applicant also claimed interest at 12% per annum from the due dates.
Mr. Ketan Lavingiya, representing M/s. Nand Enterprise, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Jinaam's Dress Limited, claiming an operational debt of Rs. 10,30,917. This debt arose from the supply of goods (chemicals for textile manufacturing) between 16.02.2017 and 22.01.2019. The invoices were due 45 days after the invoice date, and the last payment was received on 15.06.2019. The applicant also claimed interest at 12% per annum. The corporate debtor acknowledged the debt and proposed a settlement via email on 06.09.2020, citing business slowdown due to COVID-19 and requesting more time for payment. The application was filed on 20.12.2019, and a demand notice was issued on 07.09.2019. The corporate debtor is a
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The operational…
The operational…
The case pertains to an application filed by Mr. Ketan Lavingiya, Karta of Ketan Narendrabhai Lavingiya HUF, Proprietor of M/s. Nand Enterprise, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. Jinaam's Dress Limited, the corporate debtor, for default in payment of operational debt. The applicant, an operational creditor, claimed that the corporate debtor owed a sum of Rs. 10,30,917 towards goods supplied between 16.02.2017 and 22.01.2019, with the last payment received on 15.06.2019. The invoices became due after 45 days from the invoice date, and the applicant also claimed interest at 12% per annum from the due dates.
Mr. Ketan Lavingiya, representing M/s. Nand Enterprise, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Jinaam's Dress Limited, claiming an operational debt of Rs. 10,30,917. This debt arose from the supply of goods (chemicals for textile manufacturing) between 16.02.2017 and 22.01.2019. The invoices were due 45 days after the invoice date, and the last payment was received on 15.06.2019. The applicant also claimed interest at 12% per annum. The corporate debtor acknowledged the debt and proposed a settlement via email on 06.09.2020, citing business slowdown due to COVID-19 and requesting more time for payment. The application was filed on 20.12.2019, and a demand notice was issued on 07.09.2019. The corporate debtor is a
…The operational…
The operational…