Flexituff Ventures International Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Trend Flooring Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor had defaulted on payments for goods supplied between September 2016 and April 2018. The operational creditor issued demand notices, but the corporate debtor failed to make payments or demonstrate the existence of any dispute regarding the debt.
Flexituff Ventures International Limited (Operational Creditor) supplied fabrics to Trend Flooring Private Limited (Corporate Debtor) based on purchase orders placed between 2016 and April 2018. The Operational Creditor (OC) claimed that the Corporate Debtor (CD) failed to pay an outstanding amount of Rs. 3,04,65,520/-, including interest at 24% until 31.8.2018. The OC issued a demand notice on 1.6.2018, which was replied to on 22.6.2018, but no payment was made. A statutory demand notice was issued on 5.9.2018 under Section 8 of the IBC. The CD did not pay the debt or inform the OC of any dispute within 10 days of the notice. The CD argued that the petition was not properly authorized, the amount claimed was disputed, and the OC supplied inferior quality material. The
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The Operational Creditor supplied goods to the…
The Operational…
Flexituff Ventures International Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Trend Flooring Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor had defaulted on payments for goods supplied between September 2016 and April 2018. The operational creditor issued demand notices, but the corporate debtor failed to make payments or demonstrate the existence of any dispute regarding the debt.
Flexituff Ventures International Limited (Operational Creditor) supplied fabrics to Trend Flooring Private Limited (Corporate Debtor) based on purchase orders placed between 2016 and April 2018. The Operational Creditor (OC) claimed that the Corporate Debtor (CD) failed to pay an outstanding amount of Rs. 3,04,65,520/-, including interest at 24% until 31.8.2018. The OC issued a demand notice on 1.6.2018, which was replied to on 22.6.2018, but no payment was made. A statutory demand notice was issued on 5.9.2018 under Section 8 of the IBC. The CD did not pay the debt or inform the OC of any dispute within 10 days of the notice. The CD argued that the petition was not properly authorized, the amount claimed was disputed, and the OC supplied inferior quality material. The
…The Operational Creditor supplied goods to the…
The Operational…