The case involves an application filed by Shyam Indofab Private Limited, an operational creditor, against Midas Touch Export Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claims that the corporate debtor failed to make payments for goods supplied, leading to a default. The operational creditor seeks the initiation of the corporate insolvency resolution process, a moratorium, a public announcement, and the appointment of an interim resolution professional.
Shyam Indofab Private Limited (the operational creditor) supplied cloth to Midas Touch Export Private Limited (the corporate debtor) based on purchase orders. The total consideration for the supplies between 2015-10-12 and 2016-02-19 was ₹47,64,035. The corporate debtor made repayments totaling ₹32,23,564 until 2016-03-10. The last payment of ₹2,26,006 was made via cheque number 697963. After 2016-03-10, no further payments were made, despite the operational creditor's demands. The corporate debtor cited business difficulties as the reason for non-payment. The operational creditor issued a notice under Section 434(1)(a) of the Companies Act, 1956, on 2016-10-25, demanding ₹15,40,471. The corporate debtor responded, citing labor problems and internal disruptions. The
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The Operational…
The supplies culminated,…
The case involves an application filed by Shyam Indofab Private Limited, an operational creditor, against Midas Touch Export Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claims that the corporate debtor failed to make payments for goods supplied, leading to a default. The operational creditor seeks the initiation of the corporate insolvency resolution process, a moratorium, a public announcement, and the appointment of an interim resolution professional.
Shyam Indofab Private Limited (the operational creditor) supplied cloth to Midas Touch Export Private Limited (the corporate debtor) based on purchase orders. The total consideration for the supplies between 2015-10-12 and 2016-02-19 was ₹47,64,035. The corporate debtor made repayments totaling ₹32,23,564 until 2016-03-10. The last payment of ₹2,26,006 was made via cheque number 697963. After 2016-03-10, no further payments were made, despite the operational creditor's demands. The corporate debtor cited business difficulties as the reason for non-payment. The operational creditor issued a notice under Section 434(1)(a) of the Companies Act, 1956, on 2016-10-25, demanding ₹15,40,471. The corporate debtor responded, citing labor problems and internal disruptions. The
…The Operational…
The supplies culminated,…