The application was filed by Jai Laxmi Traders, an operational creditor, to initiate CIRP against Mayasheel Retail India Ltd., the corporate debtor, for a defaulted amount of Rs. 21,27,034.75. Jai Laxmi Traders supplied hosiery garments and apparels to Mayasheel Retail India Ltd. based on written/verbal orders. The corporate debtor made random payments, but a significant amount remained overdue. The operational creditor sent a legal notice and a statutory demand notice, but the corporate debtor failed to pay the outstanding amount. The corporate debtor claimed a settlement was reached through WhatsApp messages with Arun Somani, but the operational creditor denied this.
Jai Laxmi Traders, an operational creditor, filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Mayasheel Retail India Ltd., a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed a default of Rs. 21,27,034.75. The operational creditor supplied hosiery garments and apparels to the corporate debtor based on orders. The corporate debtor made payments randomly, but a significant amount remained unpaid. The operational creditor sent a legal notice dated 29.07.2019 and a statutory demand notice dated 06.08.2019, which were not replied to by the corporate debtor. The corporate debtor argued that a settlement was reached through WhatsApp messages with Arun Somani, and the amount was
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Operational creditor…
Operational creditor sent a statutory demand…
The application was filed by Jai Laxmi Traders, an operational creditor, to initiate CIRP against Mayasheel Retail India Ltd., the corporate debtor, for a defaulted amount of Rs. 21,27,034.75. Jai Laxmi Traders supplied hosiery garments and apparels to Mayasheel Retail India Ltd. based on written/verbal orders. The corporate debtor made random payments, but a significant amount remained overdue. The operational creditor sent a legal notice and a statutory demand notice, but the corporate debtor failed to pay the outstanding amount. The corporate debtor claimed a settlement was reached through WhatsApp messages with Arun Somani, but the operational creditor denied this.
Jai Laxmi Traders, an operational creditor, filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Mayasheel Retail India Ltd., a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed a default of Rs. 21,27,034.75. The operational creditor supplied hosiery garments and apparels to the corporate debtor based on orders. The corporate debtor made payments randomly, but a significant amount remained unpaid. The operational creditor sent a legal notice dated 29.07.2019 and a statutory demand notice dated 06.08.2019, which were not replied to by the corporate debtor. The corporate debtor argued that a settlement was reached through WhatsApp messages with Arun Somani, and the amount was
…Operational creditor…
Operational creditor sent a statutory demand…