C.P.(IB)No.151/BB/2020 was filed by C.A. Galiakotwala & Co. Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vijayeswari Cotton Mills Pvt. Ltd (Respondent/Corporate Debtor). The claim arose from the Corporate Debtor's failure to deliver contracted cotton, leading to an arbitration award in favor of the Operational Creditor.
C.A. Galiakotwala & Co. Pvt. Ltd. (Operational Creditor) filed C.P.(IB)No.151/BB/2020 under Section 9 of the IBC, seeking to initiate CIRP against Vijayeswari Cotton Mills Pvt. Ltd (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into contracts for the purchase of cotton bales. The Corporate Debtor failed to deliver the contracted cotton, leading to an arbitration award on 16.09.2012 in favor of the Operational Creditor for Rs.31,40,702/- plus interest. The Corporate Debtor was served with a copy of the Arbitration Award on 22.11.2012 and did not challenge it. The Operational Creditor sent a demand notice on 04.09.2019 for the unpaid amount of Rs.71,06,498/-. The Operational Creditor filed the instant petition on 20.02.2020. The Corporate
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Operational Creditor and Corporate Debtor…
Arbitration Award passed in favor of the…
C.P.(IB)No.151/BB/2020 was filed by C.A. Galiakotwala & Co. Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vijayeswari Cotton Mills Pvt. Ltd (Respondent/Corporate Debtor). The claim arose from the Corporate Debtor's failure to deliver contracted cotton, leading to an arbitration award in favor of the Operational Creditor.
C.A. Galiakotwala & Co. Pvt. Ltd. (Operational Creditor) filed C.P.(IB)No.151/BB/2020 under Section 9 of the IBC, seeking to initiate CIRP against Vijayeswari Cotton Mills Pvt. Ltd (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into contracts for the purchase of cotton bales. The Corporate Debtor failed to deliver the contracted cotton, leading to an arbitration award on 16.09.2012 in favor of the Operational Creditor for Rs.31,40,702/- plus interest. The Corporate Debtor was served with a copy of the Arbitration Award on 22.11.2012 and did not challenge it. The Operational Creditor sent a demand notice on 04.09.2019 for the unpaid amount of Rs.71,06,498/-. The Operational Creditor filed the instant petition on 20.02.2020. The Corporate
…Operational Creditor and Corporate Debtor…
Arbitration Award passed in favor of the…