Joydeep Sur, proprietor of Enthuse Incorporated, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lourdes Textiles Private Limited to initiate the Corporate Insolvency Resolution Process (CIRP) for the recovery of Rs. 1,16,850 towards the price of goods sold and supplied to the Corporate Debtor. The Corporate Debtor contended that the relationship was that of a vendor and licensor, allowing the Operational Creditor to sell goods from their shop with a 20% commission. The Operational Creditor refused to accept a payment of Rs. 34,120.
Joydeep Sur, representing Enthuse Incorporated, filed a petition against Lourdes Textiles Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for recovering Rs. 1,16,850 for goods sold. Lourdes Textiles claimed they were vendors, allowing Joydeep Sur to sell goods from their shop for a 20% commission. A purchase order was placed on 2017-08-29 for perfume containers, supplied on 2017-09-06 via Invoice No.EIJS/17-18/90. Lourdes Textiles was to pay Rs. 34,120 from the transaction but Joydeep Sur refused. An email on 2017-12-04 requested Joydeep Sur to withdraw unsold goods. The agreement, dated 2017-09-04, stated that Lourdes Textiles would report sales and remit monies after retaining commission. The court noted a dispute
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Corporate Debtor placed…
Required goods were…
Joydeep Sur, proprietor of Enthuse Incorporated, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lourdes Textiles Private Limited to initiate the Corporate Insolvency Resolution Process (CIRP) for the recovery of Rs. 1,16,850 towards the price of goods sold and supplied to the Corporate Debtor. The Corporate Debtor contended that the relationship was that of a vendor and licensor, allowing the Operational Creditor to sell goods from their shop with a 20% commission. The Operational Creditor refused to accept a payment of Rs. 34,120.
Joydeep Sur, representing Enthuse Incorporated, filed a petition against Lourdes Textiles Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for recovering Rs. 1,16,850 for goods sold. Lourdes Textiles claimed they were vendors, allowing Joydeep Sur to sell goods from their shop for a 20% commission. A purchase order was placed on 2017-08-29 for perfume containers, supplied on 2017-09-06 via Invoice No.EIJS/17-18/90. Lourdes Textiles was to pay Rs. 34,120 from the transaction but Joydeep Sur refused. An email on 2017-12-04 requested Joydeep Sur to withdraw unsold goods. The agreement, dated 2017-09-04, stated that Lourdes Textiles would report sales and remit monies after retaining commission. The court noted a dispute
…Corporate Debtor placed…
Required goods were…