The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by an Operational Creditor against a Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied.
M/s. Vishnu Sudha Textiles (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. KAC Yarn Private Limited (Corporate Debtor). The Operational Creditor claimed that they supplied Polyester Staples Fibre to the Corporate Debtor between 2015-07-10 and 2015-09-04, as evidenced by invoices. The payments for these supplies were due within 10 days of sale, but the Corporate Debtor defaulted. The Operational Creditor claimed Rs. 50,29,864/- along with interest. The Operational Creditor issued a notice under Section 8 of the I&B Code, 2016, which was delivered to the Corporate Debtor. In response, the Corporate Debtor claimed the supplied products were defective and did not match specifications, and that there
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Operational Creditor…
Operational Creditor completed the supply of…
The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by an Operational Creditor against a Corporate Debtor. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied.
M/s. Vishnu Sudha Textiles (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. KAC Yarn Private Limited (Corporate Debtor). The Operational Creditor claimed that they supplied Polyester Staples Fibre to the Corporate Debtor between 2015-07-10 and 2015-09-04, as evidenced by invoices. The payments for these supplies were due within 10 days of sale, but the Corporate Debtor defaulted. The Operational Creditor claimed Rs. 50,29,864/- along with interest. The Operational Creditor issued a notice under Section 8 of the I&B Code, 2016, which was delivered to the Corporate Debtor. In response, the Corporate Debtor claimed the supplied products were defective and did not match specifications, and that there
…Operational Creditor…
Operational Creditor completed the supply of…