Fine Group Corporation Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Lemon Electronics Limited, alleging default in payment for goods supplied. Fine Group claimed that Lemon Electronics failed to pay an outstanding amount of $505506.48 USD (INR Rs.3,53,85,453.60). Lemon Electronics contested the application, claiming a pre-existing dispute regarding the quality and timely delivery of the goods and denying the receipt of invoices.
Fine Group Corporation Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lemon Electronics Limited, the corporate debtor, for an outstanding debt of $505506.48 USD (INR Rs.3,53,85,453.60). Fine Group claimed that Lemon Electronics had placed six purchase orders between 06.08.2018 and 27.09.2018 for specific products, which were duly supplied. Lemon Electronics allegedly confirmed the receipt of goods and assured payment. However, Lemon Electronics failed to make the payment despite reminders. Fine Group issued a demand notice dated 10.12.2018. Lemon Electronics replied on 26.12.2018, denying liability and claiming a pre-existing dispute regarding the quality and timely delivery of the goods.
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The corporate debtor placed 6 Purchase…
The date of de…
Fine Group Corporation Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Lemon Electronics Limited, alleging default in payment for goods supplied. Fine Group claimed that Lemon Electronics failed to pay an outstanding amount of $505506.48 USD (INR Rs.3,53,85,453.60). Lemon Electronics contested the application, claiming a pre-existing dispute regarding the quality and timely delivery of the goods and denying the receipt of invoices.
Fine Group Corporation Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lemon Electronics Limited, the corporate debtor, for an outstanding debt of $505506.48 USD (INR Rs.3,53,85,453.60). Fine Group claimed that Lemon Electronics had placed six purchase orders between 06.08.2018 and 27.09.2018 for specific products, which were duly supplied. Lemon Electronics allegedly confirmed the receipt of goods and assured payment. However, Lemon Electronics failed to make the payment despite reminders. Fine Group issued a demand notice dated 10.12.2018. Lemon Electronics replied on 26.12.2018, denying liability and claiming a pre-existing dispute regarding the quality and timely delivery of the goods.
…The corporate debtor placed 6 Purchase…
The date of de…