The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. J.D. (India) Corporation, an operational creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) 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 creditor submitted that the corporate debtor had issued cheques amounting to Rs. 34,89,073 which were dishonored due to insufficient funds. A demand notice under Section 8 of the Code was issued on December 5, 2018, and delivered on December 10, 2018, but the corporate debtor did not respond.
M/s. J.D. (India) Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Naresh Retail Mart LLP, the corporate debtor. The operational creditor supplied ready-made garments to the corporate debtor since September 2017, raising invoices for the supplies. The corporate debtor issued 8 cheques totaling Rs. 34,89,073/- in acknowledgment of the debt, but these cheques were dishonored due to insufficient funds. The operational creditor claimed a total outstanding amount of Rs. 44,75,578/- including interest until November 2018. A demand notice under Section 8 of the Code was issued on December 5, 2018, and delivered on December 10, 2018,
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Operational Creditor…
Operational Creditor issued a demand notice…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. J.D. (India) Corporation, an operational creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) 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 creditor submitted that the corporate debtor had issued cheques amounting to Rs. 34,89,073 which were dishonored due to insufficient funds. A demand notice under Section 8 of the Code was issued on December 5, 2018, and delivered on December 10, 2018, but the corporate debtor did not respond.
M/s. J.D. (India) Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Naresh Retail Mart LLP, the corporate debtor. The operational creditor supplied ready-made garments to the corporate debtor since September 2017, raising invoices for the supplies. The corporate debtor issued 8 cheques totaling Rs. 34,89,073/- in acknowledgment of the debt, but these cheques were dishonored due to insufficient funds. The operational creditor claimed a total outstanding amount of Rs. 44,75,578/- including interest until November 2018. A demand notice under Section 8 of the Code was issued on December 5, 2018, and delivered on December 10, 2018,
…Operational Creditor…
Operational Creditor issued a demand notice…