The case involves applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against M/s Meyer Apparel Ltd. The operational creditor, M/s Surbhi Body Products (P) Limited, claims that the corporate debtor failed to make payments for goods supplied. The corporate debtor raised disputes regarding the quality of goods and claimed that a civil suit for recovery had been filed. The operational creditor contends that the disputes were raised as an afterthought to avoid payment and that the corporate debtor acknowledged the outstanding liability in its accounts.
M/s Surbhi Body Products (P) Limited, the operational creditor, supplied interlining and lining trims to M/s Meyer Apparel Ltd., the corporate debtor. The corporate debtor issued purchase orders, including one dated 2014-03-11 for ₹2,13,500, stipulating payment within sixty days of delivery. The operational creditor supplied goods, which were accepted without dispute, and the corporate debtor acknowledged receipt on invoices. An invoice dated 2014-03-12 for ₹2,13,500 and another dated 2014-06-17 for ₹70 were issued. The corporate debtor failed to pay within the due date, and interest at 24% per annum was charged. The corporate debtor submitted a duly signed confirmation of accounts dated 2015-01-07, admitting a liability of ₹2,13,570.40. The operational creditor sent a
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Corporate Debtor issued…
Corporate Debtor…
The case involves applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against M/s Meyer Apparel Ltd. The operational creditor, M/s Surbhi Body Products (P) Limited, claims that the corporate debtor failed to make payments for goods supplied. The corporate debtor raised disputes regarding the quality of goods and claimed that a civil suit for recovery had been filed. The operational creditor contends that the disputes were raised as an afterthought to avoid payment and that the corporate debtor acknowledged the outstanding liability in its accounts.
M/s Surbhi Body Products (P) Limited, the operational creditor, supplied interlining and lining trims to M/s Meyer Apparel Ltd., the corporate debtor. The corporate debtor issued purchase orders, including one dated 2014-03-11 for ₹2,13,500, stipulating payment within sixty days of delivery. The operational creditor supplied goods, which were accepted without dispute, and the corporate debtor acknowledged receipt on invoices. An invoice dated 2014-03-12 for ₹2,13,500 and another dated 2014-06-17 for ₹70 were issued. The corporate debtor failed to pay within the due date, and interest at 24% per annum was charged. The corporate debtor submitted a duly signed confirmation of accounts dated 2015-01-07, admitting a liability of ₹2,13,570.40. The operational creditor sent a
…Corporate Debtor issued…
Corporate Debtor…