The case originates from a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Sh. Jaspal Singh, proprietor of M/s Creative Arts (Operational Creditor), against S.R. Industries Ltd. (Corporate Debtor), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of ₹42,88,694/-. The Corporate Debtor is a company incorporated on 19.07.1989. The Operational Creditor supplied footwear packaging boxes to the Corporate Debtor during 2016-17 to 2018-19, amounting to ₹91,71,345/-, out of which ₹69,68,889/- was received, leaving the default amount.
Sh. Jaspal Singh, proprietor of M/s Creative Arts, filed a petition against S.R. Industries Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. M/s Creative Arts, an operational creditor, supplied footwear packaging boxes to S.R. Industries Ltd. from 2016-17 to 2018-19, totaling ₹91,71,345. S.R. Industries Ltd. paid ₹69,68,889, leaving an outstanding debt of ₹42,88,694, which became due on 31.03.2019. A demand notice dated 02.05.2019 was served on S.R. Industries Ltd., which replied on 07.05.2019, admitting the liability. The operational creditor stated that no notice regarding any pre-existing dispute or arbitration was received. The corporate debtor failed to comply with the demand notice. The authorized share capital of the corporate debtor is
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S.R. Industries Limited…
The Operational Creditor supplied footwear…
The case originates from a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Sh. Jaspal Singh, proprietor of M/s Creative Arts (Operational Creditor), against S.R. Industries Ltd. (Corporate Debtor), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of ₹42,88,694/-. The Corporate Debtor is a company incorporated on 19.07.1989. The Operational Creditor supplied footwear packaging boxes to the Corporate Debtor during 2016-17 to 2018-19, amounting to ₹91,71,345/-, out of which ₹69,68,889/- was received, leaving the default amount.
Sh. Jaspal Singh, proprietor of M/s Creative Arts, filed a petition against S.R. Industries Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. M/s Creative Arts, an operational creditor, supplied footwear packaging boxes to S.R. Industries Ltd. from 2016-17 to 2018-19, totaling ₹91,71,345. S.R. Industries Ltd. paid ₹69,68,889, leaving an outstanding debt of ₹42,88,694, which became due on 31.03.2019. A demand notice dated 02.05.2019 was served on S.R. Industries Ltd., which replied on 07.05.2019, admitting the liability. The operational creditor stated that no notice regarding any pre-existing dispute or arbitration was received. The corporate debtor failed to comply with the demand notice. The authorized share capital of the corporate debtor is
…S.R. Industries Limited…
The Operational Creditor supplied footwear…