Bhavi Jewellers, an operational creditor, filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tribhovandas Bhimji Zaveri & Sons Retail Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied between 02.11.2015 and 25.06.2018. The corporate debtor furnished information in Form 5 under Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016.
Bhavi Jewellers, an operational creditor, filed a petition against Tribhovandas Bhimji Zaveri & Sons Retail Private Limited, the corporate debtor, under Section 9 of the IBC, seeking to initiate CIRP due to unpaid operational debt. The operational creditor claimed that it had supplied gold bars, diamonds, and gold ornaments to the corporate debtor between 02.11.2015 and 25.06.2018, amounting to Rs. 12,41,93,725.00. The invoices provided for payment terms within 75 days. The total debt due and payable was Rs. 6,10,42,439.00, as mentioned in the confirmation of accounts confirmed by the corporate debtor. The operational creditor served a demand notice dated 31.03.2018 on the corporate debtor, as required under Section 8 of the IBC. A payment of Rs. 10,00,000 was
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Operational Creditor started supplying Gold…
Operational Creditor…
Bhavi Jewellers, an operational creditor, filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tribhovandas Bhimji Zaveri & Sons Retail Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied between 02.11.2015 and 25.06.2018. The corporate debtor furnished information in Form 5 under Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016.
Bhavi Jewellers, an operational creditor, filed a petition against Tribhovandas Bhimji Zaveri & Sons Retail Private Limited, the corporate debtor, under Section 9 of the IBC, seeking to initiate CIRP due to unpaid operational debt. The operational creditor claimed that it had supplied gold bars, diamonds, and gold ornaments to the corporate debtor between 02.11.2015 and 25.06.2018, amounting to Rs. 12,41,93,725.00. The invoices provided for payment terms within 75 days. The total debt due and payable was Rs. 6,10,42,439.00, as mentioned in the confirmation of accounts confirmed by the corporate debtor. The operational creditor served a demand notice dated 31.03.2018 on the corporate debtor, as required under Section 8 of the IBC. A payment of Rs. 10,00,000 was
…Operational Creditor started supplying Gold…
Operational Creditor…