The case involves a Company Petition filed by Shanaya Fashions, through its sole proprietor Rahul Jhaveri, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Ultimo Fabrics Private Limited, the Corporate Debtor. The petition alleges that the Corporate Debtor defaulted on a payment of Rs. 19,86,31,250/- on 17.03.2018. The petition was filed under Sections 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency & Bankruptcy (AAA) Rules, 2016.
Shanaya Fashions, through its sole proprietor Rahul Jhaveri, filed a Company Petition to initiate CIRP against Ultimo Fabrics Private Limited, the Corporate Debtor. The petition was filed due to a default in payment amounting to Rs. 19,86,31,250/-. The default occurred on 17.03.2018. Shanaya Fashions supplied fabrics to Ultimo Fabrics during the period 23.09.2017 to 17.03.2018, raising invoices for the same amount. A demand notice was issued on 09.05.2018 under section 8 of the IB Code in Form 3. The Corporate Debtor replied to the demand notice, citing financial difficulties due to their clients' defaults and requested the Petitioner not to take any legal proceedings. However, the Corporate Debtor's counsel admitted the debt and default without objection to the
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The Petitioner supplied fabrics to the…
The case involves a Company Petition filed by Shanaya Fashions, through its sole proprietor Rahul Jhaveri, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Ultimo Fabrics Private Limited, the Corporate Debtor. The petition alleges that the Corporate Debtor defaulted on a payment of Rs. 19,86,31,250/- on 17.03.2018. The petition was filed under Sections 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency & Bankruptcy (AAA) Rules, 2016.
Shanaya Fashions, through its sole proprietor Rahul Jhaveri, filed a Company Petition to initiate CIRP against Ultimo Fabrics Private Limited, the Corporate Debtor. The petition was filed due to a default in payment amounting to Rs. 19,86,31,250/-. The default occurred on 17.03.2018. Shanaya Fashions supplied fabrics to Ultimo Fabrics during the period 23.09.2017 to 17.03.2018, raising invoices for the same amount. A demand notice was issued on 09.05.2018 under section 8 of the IB Code in Form 3. The Corporate Debtor replied to the demand notice, citing financial difficulties due to their clients' defaults and requested the Petitioner not to take any legal proceedings. However, the Corporate Debtor's counsel admitted the debt and default without objection to the
…The Petitioner started…
The Petitioner supplied fabrics to the…