Hariprasad Gopikrishna Jewellers Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process (CIRP) against Midas Infra Trade Ltd. The application was based on an alleged default in payment of Rs. 4,15,60,309/-, including interest, for the supply of gold bars. The applicant claimed that HDC Private Limited, initially the recipient of the goods, had its debts taken over by Midas Infra Trade Limited through an agreement. The applicant issued a demand notice under Section 8 of the Code, which the respondent contested, claiming a sum of INR 1,08,50,341/- was due from the applicant. The respondent also alleged that the applicant had been supplied with On Approval Finished Jewelry
…Hariprasad Gopikrishna Jewellers Pvt. Ltd. (Applicant) sought to initiate CIRP against Midas Infra Trade Ltd. (Respondent) for a default of Rs. 4,15,60,309/- related to the supply of gold bars. HDC Private Limited was initially the recipient of the goods, with Midas Infra Trade Limited later taking over the debts via an agreement dated 2018-01-10. The Applicant issued a demand notice on 2018-12-31 under Section 8 of the IBC. The Respondent denied the debt, claiming INR 1,08,50,341/- was due from the Applicant and that the Applicant had been supplied On Approval Finished Jewelry worth INR 4,31,64,010/-. The Respondent issued an invoice on 2018-12-30 for the jewelry. The Applicant alleged the invoice was fabricated and the Respondent filed GST returns only after
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Applicant followed up…
Applicant followed up…
Hariprasad Gopikrishna Jewellers Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process (CIRP) against Midas Infra Trade Ltd. The application was based on an alleged default in payment of Rs. 4,15,60,309/-, including interest, for the supply of gold bars. The applicant claimed that HDC Private Limited, initially the recipient of the goods, had its debts taken over by Midas Infra Trade Limited through an agreement. The applicant issued a demand notice under Section 8 of the Code, which the respondent contested, claiming a sum of INR 1,08,50,341/- was due from the applicant. The respondent also alleged that the applicant had been supplied with On Approval Finished Jewelry
…Hariprasad Gopikrishna Jewellers Pvt. Ltd. (Applicant) sought to initiate CIRP against Midas Infra Trade Ltd. (Respondent) for a default of Rs. 4,15,60,309/- related to the supply of gold bars. HDC Private Limited was initially the recipient of the goods, with Midas Infra Trade Limited later taking over the debts via an agreement dated 2018-01-10. The Applicant issued a demand notice on 2018-12-31 under Section 8 of the IBC. The Respondent denied the debt, claiming INR 1,08,50,341/- was due from the Applicant and that the Applicant had been supplied On Approval Finished Jewelry worth INR 4,31,64,010/-. The Respondent issued an invoice on 2018-12-30 for the jewelry. The Applicant alleged the invoice was fabricated and the Respondent filed GST returns only after
…Applicant followed up…
Applicant followed up…