The case involves an application filed by VA Realcon Private Limited, an operational creditor, against Trans Globe Textiles Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application pertains to an alleged default in payment of Rs. 1,13,65,200/- by the corporate debtor to the operational creditor for services provided.
VA Realcon Private Limited (the operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Trans Globe Textiles Limited (the corporate debtor) for an alleged default of Rs. 1,13,65,200/-. The operational creditor claimed that the corporate debtor failed to pay for services rendered. Specifically, on December 12, 2019, the operational creditor sold 63,140 shares of India Stuffyarn Ltd. to the corporate debtor at Rs 180 per share, totaling Rs 1,13,65,200. The operational creditor raised a sale invoice on December 12, 2019. The corporate debtor confirmed the account transactions for the period April 1, 2019, to March 31, 2020, as of April 1, 2020, acknowledging the outstanding amount. Despite repeated contacts, the
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VA Realcon Private Limited sold 63,140 shares…
VA Realcon Private Limited raised a sale…
The case involves an application filed by VA Realcon Private Limited, an operational creditor, against Trans Globe Textiles Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application pertains to an alleged default in payment of Rs. 1,13,65,200/- by the corporate debtor to the operational creditor for services provided.
VA Realcon Private Limited (the operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Trans Globe Textiles Limited (the corporate debtor) for an alleged default of Rs. 1,13,65,200/-. The operational creditor claimed that the corporate debtor failed to pay for services rendered. Specifically, on December 12, 2019, the operational creditor sold 63,140 shares of India Stuffyarn Ltd. to the corporate debtor at Rs 180 per share, totaling Rs 1,13,65,200. The operational creditor raised a sale invoice on December 12, 2019. The corporate debtor confirmed the account transactions for the period April 1, 2019, to March 31, 2020, as of April 1, 2020, acknowledging the outstanding amount. Despite repeated contacts, the
…VA Realcon Private Limited sold 63,140 shares…
VA Realcon Private Limited raised a sale…