The case involves an application by SRS Limited, an Operational Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Saubhagya Ornaments Pvt. Ltd., the Corporate Debtor. SRS Limited claimed that it supplied gold jewellery to Saubhagya Ornaments on mutually agreed terms, and various invoices were raised starting from 2009. Despite maintaining a running account, the Corporate Debtor only made partial payments, with the last payment made on November 29, 2017, leaving an outstanding liability of Rs. 66,19,17,188/- exclusive of interest. The Operational Creditor issued a notice under Section 8 of the IBC on December 28, 2017, which was not replied to, leading to the filing of the present petition.
SRS Limited, the Operational Creditor, supplied gold jewellery to Saubhagya Ornaments Pvt. Ltd., the Corporate Debtor, based on mutually accepted terms. Invoices were raised starting from June 3, 2009, and a running account was maintained. The Corporate Debtor made only partial payments, with the last payment on November 29, 2017, leaving an outstanding liability of Rs. 66,19,17,188/- exclusive of interest. A notice under Section 8 of the IBC was issued on December 28, 2017, but received no response. The Corporate Debtor, through its advocate, admitted the outstanding liability but cited financial difficulties. The Corporate Debtor accepted that a default in payment had occurred. The Operational Creditor filed a petition in the required format with a supporting
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Various invoices were raised for which the…
The Corporate Debtor made the last payment…
The case involves an application by SRS Limited, an Operational Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Saubhagya Ornaments Pvt. Ltd., the Corporate Debtor. SRS Limited claimed that it supplied gold jewellery to Saubhagya Ornaments on mutually agreed terms, and various invoices were raised starting from 2009. Despite maintaining a running account, the Corporate Debtor only made partial payments, with the last payment made on November 29, 2017, leaving an outstanding liability of Rs. 66,19,17,188/- exclusive of interest. The Operational Creditor issued a notice under Section 8 of the IBC on December 28, 2017, which was not replied to, leading to the filing of the present petition.
SRS Limited, the Operational Creditor, supplied gold jewellery to Saubhagya Ornaments Pvt. Ltd., the Corporate Debtor, based on mutually accepted terms. Invoices were raised starting from June 3, 2009, and a running account was maintained. The Corporate Debtor made only partial payments, with the last payment on November 29, 2017, leaving an outstanding liability of Rs. 66,19,17,188/- exclusive of interest. A notice under Section 8 of the IBC was issued on December 28, 2017, but received no response. The Corporate Debtor, through its advocate, admitted the outstanding liability but cited financial difficulties. The Corporate Debtor accepted that a default in payment had occurred. The Operational Creditor filed a petition in the required format with a supporting
…Various invoices were raised for which the…
The Corporate Debtor made the last payment…