The petitioner, M/s SRS Limited, an Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, M/s Lucra Jewels Pvt. Ltd. The Operational Creditor is engaged in the business of Gold Jewellery and had supplied the same to the Corporate Debtor based on a mutually accepted agreement dated 03.04.2013. Invoices were raised, and the Operational Creditor maintained a running account. Despite requests for complete payments, the Corporate Debtor made only partial payments, with the last payment made on 27.11.2017. The total operational debt amounted to Rs 85,31,54,044/-.
M/s SRS Limited, the Operational Creditor, supplied Gold Jewellery to M/s Lucra Jewels Pvt. Ltd., the Corporate Debtor, based on an agreement dated 03.04.2013. Invoices were raised, and a running account was maintained. The Corporate Debtor made partial payments, but a significant debt of Rs 85,31,54,044/- remained outstanding. The last payment was made on 27.11.2017. The Operational Creditor issued a notice under Section 8 of the IBC on 23.12.2017, which was not replied to. Subsequently, the Operational Creditor filed a petition for CIRP. The Corporate Debtor did not appear before the NCLT despite being served. The Operational Creditor has not proposed the name of Insolvency Resolution Professional.
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Agreement between M/s SRS Limited and M/s Lucra…
The Corporate Debtor…
The petitioner, M/s SRS Limited, an Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, M/s Lucra Jewels Pvt. Ltd. The Operational Creditor is engaged in the business of Gold Jewellery and had supplied the same to the Corporate Debtor based on a mutually accepted agreement dated 03.04.2013. Invoices were raised, and the Operational Creditor maintained a running account. Despite requests for complete payments, the Corporate Debtor made only partial payments, with the last payment made on 27.11.2017. The total operational debt amounted to Rs 85,31,54,044/-.
M/s SRS Limited, the Operational Creditor, supplied Gold Jewellery to M/s Lucra Jewels Pvt. Ltd., the Corporate Debtor, based on an agreement dated 03.04.2013. Invoices were raised, and a running account was maintained. The Corporate Debtor made partial payments, but a significant debt of Rs 85,31,54,044/- remained outstanding. The last payment was made on 27.11.2017. The Operational Creditor issued a notice under Section 8 of the IBC on 23.12.2017, which was not replied to. Subsequently, the Operational Creditor filed a petition for CIRP. The Corporate Debtor did not appear before the NCLT despite being served. The Operational Creditor has not proposed the name of Insolvency Resolution Professional.
Agreement between M/s SRS Limited and M/s Lucra…
The Corporate Debtor…