M/s Amsons India, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Rainbow Denim Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor owed Rs. 87,24,423/- based on outstanding invoices for the supply of chemical products. The corporate debtor acknowledged the debt but cited financial difficulties and requested the operational creditor not to take further action, referring to a previous BIFR order for a revival scheme. The operational creditor issued demand notices, including one dated 24.09.2018, which was served via email. The corporate debtor replied, admitting the
…M/s Amsons India (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Rainbow Denim Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 87,24,423/- for the supply of chemical products. The Corporate Debtor had business relations with the Operational Creditor since 2009. The Corporate Debtor issued a balance confirmation letter on 31.12.2017 showing an outstanding balance of Rs. 91,36,815/-. The Operational Creditor issued a demand notice dated 21.08.2018 under Section 8 of the Code for Rs. 91,36,815/-, relating to sales from financial year 2015-16 to 2018-19. The Corporate Debtor replied, stating reconciliation
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Corporate Debtor issued a balance confirmation…
The date of de…
M/s Amsons India, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Rainbow Denim Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor owed Rs. 87,24,423/- based on outstanding invoices for the supply of chemical products. The corporate debtor acknowledged the debt but cited financial difficulties and requested the operational creditor not to take further action, referring to a previous BIFR order for a revival scheme. The operational creditor issued demand notices, including one dated 24.09.2018, which was served via email. The corporate debtor replied, admitting the
…M/s Amsons India (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Rainbow Denim Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 87,24,423/- for the supply of chemical products. The Corporate Debtor had business relations with the Operational Creditor since 2009. The Corporate Debtor issued a balance confirmation letter on 31.12.2017 showing an outstanding balance of Rs. 91,36,815/-. The Operational Creditor issued a demand notice dated 21.08.2018 under Section 8 of the Code for Rs. 91,36,815/-, relating to sales from financial year 2015-16 to 2018-19. The Corporate Debtor replied, stating reconciliation
…Corporate Debtor issued a balance confirmation…
The date of de…