The case involves an application filed by Swatch Group (India) Pvt. Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prime Retail India Ltd., the corporate debtor. The operational creditor claims an unpaid operational debt of Rs. 9,53,64,236/-.
Swatch Group (India) Pvt. Ltd. (operational creditor) supplied watches to Prime Retail India Ltd. (corporate debtor) under retail agreements. The corporate debtor failed to make payments for the watches supplied since November 2018. The outstanding amount is Rs. 8,69,63,284/-. The operational creditor issued a demand notice on 21.05.2019 for Rs. 9,53,64,236/-, which includes interest at 18% p.a. The corporate debtor admitted to the non-payment in emails and a letter but did not raise any disputes in its reply to the demand notice. The operational creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the corporate debtor.
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The Corporate Debtor failed to make payments…
The Corporate Debtor admitted to the…
The case involves an application filed by Swatch Group (India) Pvt. Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prime Retail India Ltd., the corporate debtor. The operational creditor claims an unpaid operational debt of Rs. 9,53,64,236/-.
Swatch Group (India) Pvt. Ltd. (operational creditor) supplied watches to Prime Retail India Ltd. (corporate debtor) under retail agreements. The corporate debtor failed to make payments for the watches supplied since November 2018. The outstanding amount is Rs. 8,69,63,284/-. The operational creditor issued a demand notice on 21.05.2019 for Rs. 9,53,64,236/-, which includes interest at 18% p.a. The corporate debtor admitted to the non-payment in emails and a letter but did not raise any disputes in its reply to the demand notice. The operational creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the corporate debtor.
The Corporate Debtor failed to make payments…
The Corporate Debtor admitted to the…