The case involves an application filed by M/s. J.D. (India) Corporation, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against M/s. Naresh Retail Mart LLP, the corporate debtor. The operational creditor claimed that the corporate debtor had defaulted on payments for ready-made garments supplied since September 2017. The corporate debtor initially acknowledged the debt but later failed to make payments, leading to dishonored cheques. The operational creditor issued a demand notice under Section 8 of the Code, but the corporate debtor did not respond. The corporate debtor did not appear before the tribunal after initial appearance.
M/s. J.D. (India) Corporation, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against M/s. Naresh Retail Mart LLP, the corporate debtor. The operational creditor supplied ready-made garments to the corporate debtor since September 2017, and invoices were raised for these supplies. The corporate debtor acknowledged the debt and issued eight cheques totaling Rs. 34,89,073/-, which were subsequently dishonored due to insufficient funds. The operational creditor claimed an outstanding amount of Rs. 37,69,893/- along with interest at 18% p.a., totaling Rs. 44,75,578/- as of November 2018. A demand notice under Section 8 of the Code was issued on December 5,
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The case involves an application filed by M/s. J.D. (India) Corporation, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against M/s. Naresh Retail Mart LLP, the corporate debtor. The operational creditor claimed that the corporate debtor had defaulted on payments for ready-made garments supplied since September 2017. The corporate debtor initially acknowledged the debt but later failed to make payments, leading to dishonored cheques. The operational creditor issued a demand notice under Section 8 of the Code, but the corporate debtor did not respond. The corporate debtor did not appear before the tribunal after initial appearance.
M/s. J.D. (India) Corporation, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against M/s. Naresh Retail Mart LLP, the corporate debtor. The operational creditor supplied ready-made garments to the corporate debtor since September 2017, and invoices were raised for these supplies. The corporate debtor acknowledged the debt and issued eight cheques totaling Rs. 34,89,073/-, which were subsequently dishonored due to insufficient funds. The operational creditor claimed an outstanding amount of Rs. 37,69,893/- along with interest at 18% p.a., totaling Rs. 44,75,578/- as of November 2018. A demand notice under Section 8 of the Code was issued on December 5,
…The operational…
The outstanding amount,…