Himgiri Textiles filed a Company Petition under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Shirt Company (India) Private Limited. The petition alleges that the Corporate Debtor defaulted on a payment of ₹84,31,461/- along with future interest at 24% p.a. The Petitioner, a proprietorship firm, supplied various types of fabrics to the Corporate Debtor worth ₹92,11,603/- and raised several invoices. After deductions, a balance of ₹84,31,461/- remained unpaid.
Himgiri Textiles, a proprietorship firm, supplied fabrics worth ₹92,11,603/- to Shirt Company (India) Private Limited. After deductions, ₹84,31,461/- remained unpaid. Himgiri Textiles issued a demand notice on 07.05.2019 under Section 8 of the I&B Code, 2016, for the outstanding amount plus 24% p.a. interest. Shirt Company (India) Private Limited did not respond. Himgiri Textiles provided copies of purchase orders, invoices, delivery challans, dishonored cheques worth ₹8 lacs, and ledger accounts as evidence. Shirt Company (India) Private Limited admitted liability during the hearing on 11.02.2020. The NCLT found that Shirt Company (India) Private Limited defaulted on payments.
Sign in to view the parties.
The Company Petition…
The Petitioner issued a…
Himgiri Textiles filed a Company Petition under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Shirt Company (India) Private Limited. The petition alleges that the Corporate Debtor defaulted on a payment of ₹84,31,461/- along with future interest at 24% p.a. The Petitioner, a proprietorship firm, supplied various types of fabrics to the Corporate Debtor worth ₹92,11,603/- and raised several invoices. After deductions, a balance of ₹84,31,461/- remained unpaid.
Himgiri Textiles, a proprietorship firm, supplied fabrics worth ₹92,11,603/- to Shirt Company (India) Private Limited. After deductions, ₹84,31,461/- remained unpaid. Himgiri Textiles issued a demand notice on 07.05.2019 under Section 8 of the I&B Code, 2016, for the outstanding amount plus 24% p.a. interest. Shirt Company (India) Private Limited did not respond. Himgiri Textiles provided copies of purchase orders, invoices, delivery challans, dishonored cheques worth ₹8 lacs, and ledger accounts as evidence. Shirt Company (India) Private Limited admitted liability during the hearing on 11.02.2020. The NCLT found that Shirt Company (India) Private Limited defaulted on payments.
The Company Petition…
The Petitioner issued a…