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 corporate debtor allegedly issued cheques amounting to Rs. 34,89,073/- which were dishonored due to insufficient funds. The operational creditor issued a demand notice under Section 8 of the Code on December 5, 2018, which was duly delivered on December 10, 2018, but the corporate debtor did not respond. The operational creditor also filed an
…M/s. J.D. (India) Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the 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 and raised invoices for these supplies. The corporate debtor issued eight cheques amounting to Rs. 34,89,073/- to the operational creditor, but these cheques were dishonored due to insufficient funds. The operational creditor claimed that a sum of Rs. 37,69,893/- along with interest @ 18% p.a. amounting to Rs. 7,05,685/- was due till November 2018, totaling Rs. 44,75,578/-. A demand notice under Section 8 of the Code
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The Operational…
The Operational Creditor calculated the…
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 corporate debtor allegedly issued cheques amounting to Rs. 34,89,073/- which were dishonored due to insufficient funds. The operational creditor issued a demand notice under Section 8 of the Code on December 5, 2018, which was duly delivered on December 10, 2018, but the corporate debtor did not respond. The operational creditor also filed an
…M/s. J.D. (India) Corporation, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the 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 and raised invoices for these supplies. The corporate debtor issued eight cheques amounting to Rs. 34,89,073/- to the operational creditor, but these cheques were dishonored due to insufficient funds. The operational creditor claimed that a sum of Rs. 37,69,893/- along with interest @ 18% p.a. amounting to Rs. 7,05,685/- was due till November 2018, totaling Rs. 44,75,578/-. A demand notice under Section 8 of the Code
…The Operational…
The Operational Creditor calculated the…